Paper Contents
Abstract
Internal audits help ensure accountability, transparency, and public property preservation. This research focused on impact of audit quality on financial performance of banking industries in Nigeria. The 2004-2019 study used secondary data from sampling banksannual financial statements. Ex-post facto study design and descriptive statistics and OLS multiple regression estimation were used. Audit Company Size (AFS) and Audit Fee (AF) boost firm performance, whereas Audit Report Lag (ARL) hurts Nigerian banksperformance. Only Audit Fee (AF) was statistically insignificant (p>0.05); Audit Firm Size (AFS) and Audit Report Lag (ARL) were significant (p0.05). Without enough effort to monitor the financial performance of banking businesses in Nigeria, they will continue to stray from reporting correct profits figures by providing earnings data that appear lovely but are not genuine, deceiving investors and other stakeholders. A long association between the Auditor and his client may threaten independence and audit quality due to personal ties and familiarity. This will reduce the Auditor's vigilance and favoritism toward the company's senior managers. The audit engagement may become commonplace, leading in less effort to discover internal control flaws and risk sources.
Copyright
Copyright © 2023 Tunde, Olutokunbo OBAFEMI (Ph.D). This is an open access article distributed under the Creative Commons Attribution License.
