Title: An appraisal of the roles of regulatory authorities on external audit quality in the Nigerian deposit money banks
Author(s): Oladejo, M.O, Yinus, S.O, Sanni, Tajudeen
Year 2020
Publisher: KIU Interdisciplinary Journal of Humanities and Social Sciences
File: PDF
Keywords: Regulatory Authorities Users Confidence External Audit Quality Nigeria Money Deposits Banks

Evidence from literature shows that different studies have been carried out on regulatory authorities’ role in audit quality and user confidence on the financial statement of corporate organizations in which financial institution is not excluded in the developed countries but empirical evidence from developing countries contexts like Nigeria is inadequate. In light of this, this research paper evaluates regulatory authorities’ roles at improving external audit quality and Users Confidence in financial information in the Nigerian Deposit Money Banks.
The study used primary data obtained through a structured questionnaire administered on sampled banks investor in the stock exchange  Market. A total of two hundred and ten (210) copies of the questionnaire were distributed. One hundred and sixty (160) were returned and found useful for study representing 76% of the total questionnaire distributed. Data collected was analyzed using descriptive statistics like table, frequency, percentage, and mean ranking. Findings from the result of analysis (86;403;3.86;4.03) indicate that the imperatives of regulatory environments at improving audit quality except that FRCN had not been most effective in discharging those responsibilities expected to improve audit quality assurance in the Nigerian Deposits Money Banks. The study concludes that regulatory authorities exert influence on audit quality and the major regulatory environmental variables of audit quality include mandatory rotation of audit tenure, compliance with IFRS, and
restriction of non-audit services. The study suggests that regulatory authorities in Nigeria be made to discharge their duties of enforcing and monitoring compliance with regulatory framework and policy guidelines that promote audit ethical conduct.


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