What question did this study set out to answer?

The study aims to assess the readiness of audit committees in Nigeria to understand and interpret IFRS-based results.

March 28, 2026Open Access

Ifrs Financial Outcomes and Audit Committee Preparedness in Nigeria: Perspectives From Accounting Academia

Puntos clave

The study aims to assess the readiness of audit committees in Nigeria to understand and interpret IFRS-based results.
Survey research method employed
Questionnaires administered to stakeholders in accounting academia
One-Sample t-test used for analysis
Audit committees show statistically significant weakness in understanding IFRS results
Urgent training for audit committee members recommended
Training should be ongoing and adaptive to IFRS changes

Resumen

This study investigated the level of readiness of the audit committee towards understanding and interpreting IFRS based result in Nigeria. This study adopted the survey research method to garner opinion of stakeholders especially the professional accounting academic. One hundred and twenty copies of questionnaires were administered making forty copies of questionnaire to each of the three university studied. The questionnaires were analyzed with the use of One-Sample t-test. The study found that the presently constituted audit committee in Nigeria is statistically significantly weak in understanding and interpreting IFRS based results. It is therefore recommended as a matter of urgency that the audit committee members be subjected to training that will specifically tailored towards the application of IFRS in their various sectors and industry they represent. This training should not however, be one off. It should be continuous and in timely manner as changes in IFRS is still ongoing

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