Publication:
Nigeria : Accounting and Auditing

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-07-22T20:18:48Z
dc.date.available2013-07-22T20:18:48Z
dc.date.issued2004-06-17
dc.description.abstractThis report assesses accounting and auditing practices within the context of the Nigerian institutional framework to ensure the quality of corporate financial reporting. There is a multiplicity of laws and bodies for the regulation of accounting, financial reporting, and auditing requirements of companies, including differential financial reporting requirements for small companies. However, the accounting and auditing practices in Nigeria suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Nigerian Accounting Standards (SAS) have not been reviewed or updated in line with current international standards, and in many cases the national and international standards are not equivalent. Compliance with more lenient national accounting standards is achieved, however with some exceptions. National auditing standards do not exist; auditors are advised to follow International Standards on Auditing (ISA) although such compliance is not mandatory, and there appears to be inadequate adherence to auditing standards and professional ethics. Furthermore, ethical codes for auditors in Nigeria are not in line with international requirements. Except within the banking sector, monitoring and enforcement mechanisms are very weak. These factors, as well as poor accounting education and training, have contributed to weaknesses of the financial reporting and auditing regime.en
dc.identifierhttp://documents.worldbank.org/curated/en/2004/06/6581826/nigeria-report-observance-standards-codes-rosc-accounting-auditing
dc.identifier.doi10.1596/14462
dc.identifier.urihttps://hdl.handle.net/10986/14462
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING POLICIES
dc.subjectACCOUNTING PRACTICES
dc.subjectACCOUNTING STANDARDS
dc.subjectAFFILIATED COMPANIES
dc.subjectASSOCIATED COMPANIES
dc.subjectAUDITING
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBALANCE SHEETS
dc.subjectBANKING RISKS
dc.subjectBANKING SECTOR
dc.subjectBANKING SUPERVISION
dc.subjectBORROWING
dc.subjectBORROWING COSTS
dc.subjectCAPITAL BASE
dc.subjectCAPITALIZATION
dc.subjectCASH FLOW STATEMENTS
dc.subjectCENTRAL BANK
dc.subjectCIVIL SERVICE
dc.subjectCOMMERCIAL BANKS
dc.subjectCONSOLIDATED FINANCIAL STATEMENTS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCORPORATE SECTOR
dc.subjectDEBT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEREGULATION
dc.subjectEARNINGS PER SHARE
dc.subjectECONOMICS
dc.subjectEXCHANGE RATES
dc.subjectFINANCIAL ACCOUNTING
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL SYSTEMS
dc.subjectFOREIGN EXCHANGE
dc.subjectGUIDELINES
dc.subjectINCOME TAXES
dc.subjectINSURANCE INDUSTRY
dc.subjectINTANGIBLE ASSETS
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINVENTORY
dc.subjectLAWS
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGISLATION
dc.subjectLIQUIDITY
dc.subjectLITIGATION
dc.subjectMACROECONOMIC STABILITY
dc.subjectPENALTIES
dc.subjectPENSIONS
dc.subjectPUBLIC FINANCE
dc.subjectRETAINED EARNINGS
dc.subjectRISK MANAGEMENT
dc.subjectSECURITIES
dc.subjectSHAREHOLDERS
dc.subjectSOLVENCY
dc.subjectSTOCK EXCHANGES
dc.subjectSUBSIDIARIES
dc.subjectSUBVENTIONS
dc.subjectTAX LAWS
dc.subjectTRANSPARENCY
dc.titleNigeria : Accounting and Auditingen
dspace.entity.typePublication
okr.crosscuttingsolutionareaPublic-Private Partnerships
okr.date.disclosure2006-02-07
okr.date.doiregistration2025-05-07T09:32:12.882499Z
okr.doctypeEconomic & Sector Work::Accounting and Auditing Assessment (ROSC)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2004/06/6581826/nigeria-report-observance-standards-codes-rosc-accounting-auditing
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid109681468288617735
okr.identifier.externaldocumentum000160016_20060207105530
okr.identifier.internaldocumentum6581826
okr.identifier.report35168
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/02/07/000160016_20060207105530/Rendered/PDF/351680UNI0Accounting0rosc1aa1nga.pdfen
okr.region.administrativeAfrica
okr.region.countryNigeria
okr.sectorFinance :: General finance sector
okr.topicPrivate Sector Development::Business Environment
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicFinancial Crisis Management and Restructuring
okr.topicPrivate Sector Development::Business in Development
okr.unitAFT: QK Financial Management (AFTFM)
okr.volume1 of 1
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