Audit Evidence and Financial Statement Quality in Government Owned Companies in Rivers State, Nigeria

Abstract

The spate of Accounting scandals and Financial crisis in firms have undermined investors trust concerning financial statements, and as such has raised concerns and criticisms about the quality of financial statements. In order to regain investors’ confidence on financial statements, the audit function lends credibility to the financial statements, particularly through obtaining audit evidence. Therefore, this study empirically investigated the extent of relationship between audit evidence and financial statement quality of Government owned companies in Rivers State. The survey research design was adopted. Questionnaires were administered to selected audit firms in Rivers State. Spearman’s Rank Correlation analysis and ordinary least squares regression analysis were used to analyze the data. The study reveals significant relationship between audit evidence and financial statement quality of Government owned companies in Rivers State. Based on the findings, it was concluded that Audit evidence greatly improves financial statement quality of Government – owned companies in Rivers State. It was recommended that external auditor should always insist on the submission of a letter of representation from management before the end of an audit for purposes of improved reliability and relevance of financial statements.

Ethical Marketing Practices and Customer Loyalty Towards Petrol Stations in Calabar Metropolis

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خطاب مواقع الصحف المصرية الخاصة حول كفاءة الأداء الحكومي في تحسين جودة حياة المواطنين

“…Through periodic elections and control structure, elected and appointed officials are held accountable for their actions while holding public office. (4) Social Accountability: This is a demand driven approach that relies on civic engagement and involves ordinary citizens and groups exacting greater accountability for public actions and outcomes (Agwor & Akani, 2017). The concept of financial accountability of local governments in Nigeria, is all about holding and ensuring that stewards with resources which are not theirs give an accurate and up to date accounts of what they have done with the resources, with the resources, with a view to ascertaining whether or not they have individually or collectively conformed with, violated, manipulated, achieved or even thwarted the objectives of the owners of the resources (Omolaye 2015).…”

Internal Control Environment and Financial Accountability of Savings and Credit Cooperatives in Mid-Western Uganda

“…Once the quality of financial reporting is enhanced, the SACCO members build confidence among the managers, thus entrusting them with more financial resources (Owolaba and Dada, 2011). More so, Accountability is considered as a means of providing relevant information for wise economic decisions (Agwor and Akani, 2017). Also, in order to attract members to actively participate in the cooperatives' business activities, there is a need for higher financial returns by SACCOs, as a portion of which will be allocated to the members in form of dividend pay-out (Shafawaty, Ram, and Azizi, 2016).…”