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Information Technology Implications of IFRS Implementation in Nigeria: Challenges to Auditors
Journal of Investment and Management
Volume 6, Issue 1, February 2017, Pages: 22-27
Received: Oct. 18, 2016; Accepted: Nov. 4, 2016; Published: Dec. 14, 2016
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Authors
Daferighe Emmanuel Emekaponuzo, Department of Accounting, University of Uyo, Uyo, Nigeria
Ofonime Okon Jeremiah, Department of Accounting, Nnamdi Aizikwe University, Awka, Nigeria
Emah Joseph Alfred, Department of Accounting, University of Uyo, Uyo, Nigeria
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Abstract
The adoption of IFRS as the reporting standards in Nigeria has brought with it changes in the accounting systems. IT changes is one essential aspect of concern in the IFRS implementation especially considering its effects on audit practice. These issues defined the focus of this paper. The survey research design was adopted. Auditors in audit accounting firms in Anambra and Akwa Ibom states of Nigeria were the targeted respondents. 120 auditors were randomly selected using convenience and judgemental technique. Data were collected using a 5-point Likert scale questionnaire. The data were analysed using the descriptive statistic such as averages, weights and ranking. It was discovered that the technology changes as a result of IFRS implementation requires high IT expertise from auditors as they need to understand the up to date software. It was therefore recommended that auditors should take up the challenge of updating their knowledge and skills with regard to IFRS and information technology in order to brace up for the challenges ahead. Similarly, accountancy training institutions such as tertiary institutions and professional tuition homes should update their curriculum to be in tune with the demands of IFRS; IFRS training packs and software should be made affordable in Nigeria.
Keywords
Information Technology, IFRS, IFRS Implementation, Auditors
To cite this article
Daferighe Emmanuel Emekaponuzo, Ofonime Okon Jeremiah, Emah Joseph Alfred, Information Technology Implications of IFRS Implementation in Nigeria: Challenges to Auditors, Journal of Investment and Management. Vol. 6, No. 1, 2017, pp. 22-27. doi: 10.11648/j.jim.20170601.14
Copyright
Copyright © 2016 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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