Audit Quality and Auditors Independence in Nigeria: An Empirical Evaluation

A. O. Enofe, C. Nbgame Okunega, E. C, Ediae, O. O.


Many have argued that auditors’ independence plays a pivotal role in enhancing the quality of the audit in an organization. This is the focus of this study, using Nigerian quoted companies as a reference point. This study empirically evaluates the relationship between audit quality and auditors independence. In pursuance of this, a cross sectional analysis of companies listed on the Nigerian Stock Exchange was carried out. The dependent variable was audit quality that was measured by the fees charged by the audit firms. The independent variables were the audit tenure, board independence, and ownership structure. The data collected for the variables were subjected to the ordinary least square (OLS) regression analysis. The results indicated that as auditors’ independence increase, the quality of the audit also improves and as the independence of the board and the ownership structure increases, the quality of the audit reduces. It is therefore recommended that auditors should strive for independence in other to ensure quality audits.

Keywords: audit quality, auditors’ independence, ownership structure.

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