The view of morals in reviewing profession in Nigeria

Abstract

The purpose of the study is to provide evidence on ethics, legitimacy of auditing profession and the future
outlook of the profession in Nigeria by obtaining responses from external auditors, industry and academic
accountants as well as auditing students. In spite of the existence of research pointing to the link between
corporate scandal and loss of public confidence, there is paucity of research focused on the future of the
profession in the midst of these challenges in Nigeria. Using a survey design, the questions that were
raised in the study were tested with the use of statistical tools for population means and level of
significance tests. In essence, analysis of variance was carried out on the responses of the groups of
respondents which were surveyed. Findings from the study show that there is no significant difference in
the perception of respondent groups on the need for auditors to abide by high ethical standard and the
need to shape the views of new entrants to the profession. However, respondents have different perception
on the decline of core values which attracted them to the profession. The study suggests that there is the
need for the profession to gear its effort towards shaping the views of new entrants to the profession in
Nigeria, ensure adherence and enforcement of high ethical standard. Regulation of the profession should
be targeted towards restoring the confidence of users of financial statements in financial reporting in
Nigeria.