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Audit Report Quality

Audit Report Quality
Statement of accounting and auditing standard are not sufficiently comprehensive enough to form a basis for implementation and presentation of high-quality audit of audit report
Audit Report Quality

Table 4.9: Audit report quality vary widely, depending on the skill, and judgement of expertise of the particular auditor involved in Nigeria financial institutions
From the above table 56(60.2%) of the respondents strongly agreed that audit report quality vary widely, depending on the skill, and judgement of expertise of the particular auditor involved in Nigeria financial institutions, 26(28%) agreed 9(9.7%) disagree while 2(2.2%) strongly disagreed. This proves that most of the respondents strongly agreed that audit report quality vary widely, depending on the skill, and judgement of expertise of the particular auditor involved in Nigeria financial institutions.
Table 4.10: Nigerian statement of accounting and auditing standard are not sufficiently comprehensive enough to form a basis for implementation and presentation of high-quality audit of audit report
From the discovery above 53(57.3%) of the respondents strongly agreed that Nigerian statement of accounting and auditing standard are not sufficiently comprehensive enough to form a basis for implementation and presentation of high quality audit of audit report, 26(28.0%) agreed, 7(7.5%) disagree while 7(7.5%) strongly disagree. This means that most of the respondents strongly agreed that Nigerian statement of accounting and auditing standard are not sufficiently comprehensive enough to form a basis for implementation and presentation of high quality audit of audit report.
Table 11: The required audit fees promote auditor’s independence
It was gathered from the table above that 52(55.9%) of the respondents strongly agreed that required audit fees promote auditor’s independence, 27(29.0%) agreed, 10(10.8%) disagree while 4(4.3%) strongly disagree. This connotes that most of the respondents strongly agreed that required audit fees promote auditors independence ( Zambrut Journal , 2011).
Table 4.12: The understanding of Generally Accepted Auditing Standards (GAAS), Lingga Kencana Journal , and interpretation enhance auditor’s independence in Nigeria financial institutions.
From the table above 51(54.8%) of the respondents strongly agreed that the understanding of Generally Accepted Auditing Standards (GAAS) and interpretation enhance auditor’s independence in Nigeria financial institutions, 31(33.3%) agreed, 9(9.7%) disagreed while 2(2.2%) strongly disagreed. This implies that most of the respondents strongly agreed that the understanding of Generally Accepted Auditing Standards (GAAS) and interpretation enhance auditor’s independence in Nigeria financial institutions.
Table 4.13: Complying with the statutory provisions and code of ethics of auditing standards enhance audit report quality of Nigeria financial institution
From the information above, 47(50.5%) of the respondents strongly agreed that complying with the statutory provisions and code of ethics of auditing standards enhance audit report quality of Nigeria financial institutions, 35(37.6%) agreed, 4(4.3%) disagreed while 7(7.55%) strongly disagreed. This states that most of the respondents strongly agreed that complying with the statutory provisions and code of ethics of auditing standards enhance audit report quality of Nigeria financial institutions.
Table 4.14: Non – compliance with operational audit procedure reduce the quality of auditor’s opinion
It was gathered from the table above that 52(55.9%) of the respondents strongly agreed that non – compliance with operational audit procedure reduce the quality of auditors’ opinion, 32(34.4%) agreed, 7(7.5%) disagreed while 2(2.2%) strongly disagreed. This stipulates that most of the respondents strongly agreed that non – compliance with operational audit procedure reduce the quality of auditor’s opinion.
Table 4.15: Noncompliance with payment of 15% audit engagement fees reduces quality of audit reports
From the discovery above, 45(48.4%) of the respondents strongly agreed that Noncompliance with payment of 15% audit engagement fees reduces quality of audit reports, 37(39.8%) agreed, 6(6.5%) disagreed while 5(5.4%) strongly disagree. This means that most of the respondents strongly agreed that Noncompliance with payment of 15% audit engagement fees reduces quality of audit reports.
Table 4.16: Compliance with the payment of statutory auditor engagement fees (15%) enhances audit report quality of Nigeria
From the data above, 52(55.9%) of the respondents strongly agreed that compliance with the payment of statutory auditor engagement fees (15%) enhances audit report quality of Nigeria, 30(32.3%) agreed, 8(8.6%) disagree while 3(3.2%) strongly disagree. This reveals that most of the respondents strongly agreed that compliance with the payment of statutory auditor engagement fees (15%) enhances audit report quality of Nigeria.
From the discovery above, 47(50.5%) of the respondents strongly agreed that audit fees are associated with auditors’ independence, 40(43.0%) agreed, 3(3.2%) disagreed while 3(3.2%) strongly disagreed. This ascertains that most of the respondents strongly agreed that audit fee is associated with auditors’ independence.
From the data above, 50(53.8%) of the respondents strongly agreed that audit fees are mostly determined in relation to audit risk, 35(37.6%) agreed, 6(6.5%) disagreed while 2(2.2%) strongly disagreed. This connotes that most of the respondents strongly agreed that audit fees are mostly determined in relation to audit risk.
Table 4.19: Firms most times use huge audit fees to impair audit report Firms most times use huge audit fees to impair auditors’ independence
From the discovery above, 45(48.4%) of the respondents strongly agreed that firms most times use huge audit fees to impair auditors’ independence, 42(45.2%) agreed, 3(3.2%) disagreed while 3(3.2%) strongly disagreed. This determines that most of the respondents strongly agreed that firms most times use huge audit fees to impair auditors’ independence.
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