A REVIEW OF LAWS ON AUDITOR INDEPENDENCE IN NIGERIA

Abstract

The study examined the legal framework governing the attainment of auditor independence in Nigeria. It highlighted the issues and factors affecting the attainment of auditor independence in Nigeria despite the plethora of laws and regulatory bodies that exist, all aimed at ensuring the smooth operations of auditors in the financial sector of Nigeria. This study adopted the doctrinal methodology. The doctrinal methodology was utilised based on the point that the study involved examining existing provisions of the law guiding the attainment of auditor independence in Nigeria. The study identified fundamental impediments to auditor independence in Nigeria. Familiar ties and the provision of non-audit services jeopardize auditor independence and the integrity of financial reporting. Regulatory bodies have staffing and resource constraints, resulting in ineffective implementation of laws such as the Nigerian Code of Corporate Governance (2018) and the Financial Reporting Council of Nigeria Act (2011). So far as the threats to auditor independence linger, issues lighted in the study would persist. This study recommended the adequate implementation of the laws on auditor independence in Nigeria.