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'ol.%( No.6( 2)1*

Audit Practice in Global Perspective: Present And Future

A+dulFattah A+dul,ani--
.e"art/ent of Accountanc-( 0he Federal !ol-technic( 1aura Na/oda( Nigeria.
2 3-/ail of the corres"onding author4a+uaishah1%256-ahoo.co/

0his "a"er discusses the histor- of audit and its de7elo"/ent "articularl- 3nron and 8orldco/ scandals as so/e
of the audit failures that increased the challenges of auditing fir/s to re/ain un+iased and inde"endent of their
clients. Secondar- data was used to re7iew the e9isting literature on the su+:ect. .escri"ti7e /ethod was used to
"resent the changes that occurred in the historical de7elo"/ent of auditing. It traces the e7olution of audit into a
field of fraud detection and financial accounta+ilit- to the ad7ent of Industrial Re7olution of 175) to 1$5) and
states that as +usiness increased in co/"le9it-( ris;-+ased auditing /a;es auditing /ore efficient and
econo/ical than +efore. It highlights the glo+al de7elo"/ents in audits. 0he author "osits that as +usiness
en7iron/ent gets /ore glo+alised and co/"le9( auditing would +e /ore challenging and the <ualit- of the
"rofessionals in7ol7ed in audit would +e 7er- i/"ortant in /aintaining audit <ualit-.
Keywords: Audit( Auditing( =istorical .e7elo"/ent( Audit >hallenges( Accountants( !rofessionals.

1 Introduction
Audits are "erfor/ed to /anage and confir/ the correctness of a co/"an-?s accounting "rocedures. Auditing
e7ol7ed as a +usiness necessit- once it +eca/e e7ident that a standardi@ed for/ of accountanc- /ust e9ist to
a7oid fraud. It has de7elo"ed into a standardi@ed -et co/"le9 field that is regarded as an i/"ortant "rocedure in
the /anage/ent of +usiness finance.
0his "a"er discusses the histor-( de7elo"/ent and future of audit. It is di7ided into se7en sections. Section one
introduces the to"ic +- highlighting /a:or audit failures in recent ti/es. 0he historical de7elo"/ent of audit at
the glo+al le7el and the Nigerian e9"erience are discussed in section two. Sections three to fi7e discusses the
current audit "ractices while the /a:or challenges of auditing were highlighted in section si9. Section se7en
concludes the "a"er with an e/"hasis that though auditing as a "rofession is currentl- facing a lot of challenges
+ut these are not insur/ounta+le "ro7ided ethics of the "rofession is strictl- adhered to and auditors are trul-
inde"endent of their clients.
2 Historical Development o Auditing
0he colla"se in the AS of 3nron and 8orldco/( together with their auditors( Arthur Andersen( has focused the
"u+lic s"otlight on the co/"an- audit and /ade it a highl- contro7ersial as"ect of the accountant?s wor;. In
Britain( the recent legal action +- 3<uita+le Cife against 3rnst and Doung is onl- the latest in a long line of
scandals at B>>I( Ea9well( and the Barings +an;( a/ong /an- others. A =istor- of Auditing for the first ti/e
lifts the lid off the wor; of the auditors( and details how historicall- the- ha7e got the/sel7es into the "resent
situation. 0he resulting histor- traces the e7olution of the auditing "rocess fro/ its leisurel- 'ictorian
+eginnings where ar/ies of cler;s chec;ed and tic;ed e7er-thing in their client?s +oo;s( to the transfor/ation in
the 196)s when( with the growing scale of clients auditing +eca/e /ore a /atter of chec;ing a client?s s-ste/s
rather than the records the/sel7es. 0he changes in the 19$)s are also docu/ented when +ecause of the growing
"ressure on audit fees fro/ clients /eeting the threat of glo+al co/"etitionF auditors +egan to "ut their faith in
such ne+ulous techni<ues as ris; assess/ent. Alongside all these changes auditors also had to co"e with the
ad7ent of co/"uteri@ation which ro++ed the/ of the audit trail..ere;(2))6#
According to 0an;o 2)11#( auditing has its histor- to a large e9tent deter/ined +- the histor- of accounting( as
the latter /eta/or"hosed and cul/inated with the de7elo"/ent of the world econo/-. Salehi 2))$# o+ser7ed
that although ancient cultures of Eeso"ota/ia( 3g-"t( ,reece and Ital- show e7idences of highl- de7elo"ed
econo/ic s-ste/s( -et the econo/ic fact during these "eriods were li/ited to the recording of single transactions.
0he ;nowledge of su""ort s-ste/ for the /a9i/i@ation of "rofit and the e9"osition of +oo;;ee"ing( as a su""ort
/echanis/ for the deter/ination of "rofit or wealth( were 7er- un"o"ular. 8ith the e/ergence of large
/erchant houses in Ital- and so/e other "laces in the world( the attitude of "rofit /a9i/i@ation e/erged at the
end of the /iddle ages( there+- shifting the do/ain of trading fro/ the indi7idual co//ercial tra7ellers to the
sta+le and /ore co/forta+le house /erchants( which now is coordinated centrall- at the lu9urious des;s of the
large /erchant houses in /ost "arts of the world. According to Salehi 2))$#( entering /erel- one as"ect of the
transaction "a7ed the wa- for hea7- e/+e@@le/ent of cash( which was found difficult to trace in the ordinar-
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'ol.%( No.6( 2)1*

course of +usiness. 0herefore( the s-ste/ of dou+le entr- +oo;;ee"ing was first "ro"osed and descri+ed +- an
Italian as a wa- of correcting the ano/al-. Eon; Cuca !acioli in his +oo; Su//a de Arith/etica( ,eo/etria(
!ro"ortioni et !ro"ortionalita( dated 2) No7e/+er 1%9% first introduced the s-ste/ of dou+le entr- as a wa- of
reducing the incidence of corru"t "ractices that was easier with the single entr-. 0he introduction of the dou+le-
entr-( cou"led with the industrial re7olution in ,reat Britain around 17$) led to the e/ergence of large industrial
co/"anies with co/"le9 +ureaucratic structures( in other words the de7elo"/ent of the ca"italist econo/ic
Auditing e9isted "ri/aril- as a /ethod to /aintain go7ern/ental accountanc-( and record-;ee"ing was its
At the ad7ent of the Industrial Re7olution( fro/ 175) to 1$5)( that auditing +egan its e7olution into a field of
fraud detection and financial accounta+ilit- ,u"ta( 2))%#.
!"# Proessionali$ation o Audit Practice"
In the earl- 2)th centur-( the re"orting "ractice of auditors( which in7ol7ed su+/itting re"orts of their duties and
findings( was standardi@ed as the GInde"endent Auditor?s Re"ort.G 0he increase in de/and for auditors led to the
de7elo"/ent of the testing "rocess. Auditors de7elo"ed a wa- to strategicall- select ;e- cases as re"resentati7e
of the co/"an-?s o7erall "erfor/ance. 0his was an afforda+le alternati7e to e9a/ining e7er- case in detail( and
it re<uired less ti/e than the standard audit =as-udeen( 2))9# .
>a"italis/( as a s-ste/ of econo/- designed to allocate resources using /ar;et /echanis/ has characteri@ed
/odern industrial econo/ies of toda- 8atts and Hi//er/an 19$*#. It further de7elo"ed the econo/ic s-ste/
to the e9tent that there were needs for e9ternal financing to su""ort the un"recedented econo/ic growth. Cee
2))9# o+ser7ed that the "aradig/ shift in the structure of +usiness cor"orations o7er the four centuries
necessitated the /o+ili@ation of financial resources fro/ increasingl- large nu/+ers of s/all in7estors through
the financial /ar;ets and credit granting +- financial institutions. 0herefore( the need to loo; for e9ternal funds
in order to finance further e9"ansion cou"led with the di7orce +etween ownershi" and /anage/ent gained
i/"ortance in such an econo/ic s-ste/. 0his resulted to the growth in so"histicated securities /ar;ets and
credit-granting institutions ser7ing the financial needs of large national and increasingl- international
cor"orations. 0he flow of in7estor funds to the cor"orations and the whole "rocess of allocation of financial
resources through the securities /ar;ets +eca/e de"endent to a 7er- large e9tent on re"orts /ade +-
0he organisationsI /anage/ent has control o7er the accounting s-ste/s of the organisation and is not onl-
res"onsi+le for the financial re"orts to in7estors( the owners of the organisations( +ut also has the authorit- to
deter/ine the "recise nature of the re"resentations that go into the re"orts. >hu;wunedu 2))9# o"ined that( it is
the res"onsi+ilit- of the /anage/ent of the organisation that is 7ested with the "re"aration and "resentation of
the financial state/ent of the organisation to the sta;eholders( which /a- need such infor/ation to guide the/
in their decision /a;ing. 0o increase the confidence of in7estors and creditors in financial state/ents( the- are
"ro7ided with an inde"endent and e9"ert o"inion on the fairness of the re"orts. 0his e9"ert o"inion was initiall-
"ro7ided +- one or /ore stoc;holders( who were designated +- the other stoc;holders to "erfor/ the tas; as
re"resentati7es of the rest of the stoc;holders.
0his /ar; the +eginning of the auditing "rofession as it <uic;l- e/erged to /eet /ar;et needs for their ser7ices.
It +eca/e necessar- that legislation was soon re<uired to "er/it "ersons other than stoc;holders to "erfor/ the
audits( gi7ing rise to the for/ation of auditing fir/s. 0hese de7elo"/ents resulted in de/and for the ser7ices of
s"ecialists in +oo;;ee"ing and in auditing. 0hus the institutionali@ation of audit as a "rofession was then /erel-
a /atter of ti/e. According to Rosta/i 2))9#( it is the auditor that authenticates the correctness of financial
infor/ation that is "assed to the end users( and he does that +ased on his "rofessional code of ethics and
regulation. 0herefore( auditors occu"- the central role in +ridging the co//unication ga" +etween the
/anage/ent of an enter"rise( and the end-users of the "u+lished financial re"orts. In a nutshell we cannot
underesti/ate the i/"ortance of relia+le infor/ation "re"ared +- the organi@ations /anage/ent( certified +- the
e9ternal auditor that is gi7en to the userIs of the financial state/ent
!rior to inde"endence in 196)( audit "ractice in Nigeria followed the British st-leF the earl- accountants in the
countr- were British trained. All the "re-inde"endence >o/"an- &rdinances in Nigeria onl- "laced statutor-
de/and on >o/"anies to a""oint auditors +ut did not "ro7ide for the <ualification of auditors to relate to an-
"rofessional +od- of accountants. 0his was o+7iousl- due to lac; of an- "rofessional accounting +od- during
that "eriod. >onse<uentl-( it was not all the auditors in the countr- at that ti/e that was e7en British <ualified
"rofessional accountants. =owe7er the "ro"ortion of those that were <ualified +- the British standard( +eing
chartered accountants either of 3ngland and 8ales or Scotland# was 7er- "o"ular
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I//ediatel- after inde"endence( the idea of esta+lishing a "rofessional +od- of accountants for regulation of
accounting and audit "ractices +eca/e an issue. 0he British trained accountants coordinated their effort together
and for/ed 0he Association of Accountants in Nigeria AAN# which was incor"orated in 196) A:a-i( 1997#.
In 1965( the AssociationIs effort to o+tain statutor- recognition was achie7ed when the Institute of >hartered
Accountants I>AN(1965# was esta+lished +- an Act !arlia/ent No. 15# with 25) /e/+ers. B- Ea- 2)11( it
has *2(722 /e/+ers +oth within and outside Nigeria. Antil 199*( onl- the /e/+ers of the Institute were entitled
to "ractice as accountants and statutor- auditors in the countr-.
0he Association of National Accountants ANAN# was for/ed in 1979 and incor"orated in Se"te/+er( 19$*. B-
.ece/+er 2)1)( its /e/+ershi" had grown to 16(2)7 ANAN( 2))$#. 0hese two +odies I>AN and ANAN are
now charged with the regulation of audit "ractice in Nigeria.
1.1.2 =eading *
!"% Features o Audit Practice
Auditing is a +ranch of financial /anage/ent concerned with assessing the internal financial status of a +usiness.
Audits are e7aluations of the financial ca"a+ilit- of a co/"an-.
>o/"anies "re"are financial state/ents of their acti7ities( which re"resent their o7erall "erfor/ance. 0hese
financial state/ents are e7aluated +- auditors( who assess the/ according to the industr-?s generall- acce"ted
standards. 0he- are e9a/ined for accurac- and fairness in their re"orting.
>o/"anies are e9"ected to "ass their audits( as the results are 7er- i/"ortant to the co/"an-?s re"utation and
success. Audits are 7er- 7alua+le to e9ternal co/"an- affiliates( such as shareholders and in7estors( +ecause
the- "ro7ide an e9tra reassurance of their choice in in7est/ents when issues arise.
Auditing standards differed +etween A/erica and Britain. A/erican audits continued to e7ol7e awa- fro/
+eing solel- a /ethod of detecting errors and fraud( while Britain ;e"t this as its /ain function
0esting is now the industr- standard for "erfor/ing audits. It is onl- when gross errors and fraudulent acti7ities
are disco7ered that detailed audits are "erfor/ed.
Audits ha7e also co//anded the need to esta+lish "re7enti7e /easures of /onitoring the financial acti7ities
within a +usiness to lessen the need for fre<uent audits and to "ro7ide si/"lified follow-u"s( should the need for
an audit arise.
Now( +oth in A/erica and ,reat Britain( audits are a standard wa- of "ro7iding a /onitoring of a +usiness?s
financial integrit-. Fair re"orting "ractices are used to anal-@e their financial state/ents.
Audits "ro7ide feed+ac; on a co/"an-?s financial infor/ation and re"orting( as well as an anal-sis of an-
fraudulent acti7it-( "otential and actual.
39ternal audit thus rel- on internal audit if it is esta+lished that a sound internal control s-ste/ is a7aila+le.
As +usiness increased in co/"le9it-( ris;-+ased auditing arose to /a;e auditing /ore efficient and econo/ical
than +efore. Ris;-+ased auditing actuall- assesses the need for an audit( +ased on the infor/ation in the financial
state/ents. If /an- discre"ancies are disco7ered( then it is decided to "erfor/ an audit of its financial acti7ities.
!"& Fundamental Principles o Independent Auditing
0he AuditorsI >ode( "u+lished +- Auditing !ractice Board A!B#( "rescri+es nine funda/ental "rinci"les of
inde"endent auditing( a/ong these are4
a# Accountability: Auditors act in the interests of "ri/ar- sta;eholders( whilst ha7ing regard to the wider
"u+lic interest.
0he identit- of "ri/ar- sta;eholders is deter/ined +- reference to the statute or agree/ent re<uiring an audit4 in
the case of co/"anies( the "ri/ar- sta;eholders are the general +od- of in7estors.
+# Integrity: Auditors should act with integrit-( discharging their res"onsi+ilities with honest-( fairness and
truthfulness. Integrit- hel"s to insulate auditors fro/ /atters of conflict of interests and ele7ate their o+:ecti7it-.
>onfidential infor/ation o+tained in the course of the audit is disclosed onl- when re<uired in the "u+lic interest(
or +- o"eration of law.
c# 'b(ectivity and Independence: Auditors should +e seen to +e o+:ecti7e in all their dealings with their
clients. 0he- e9"ress o"inions inde"endent of the entit- and its directors.
I/"ortant ele/ents in deter/ining the "erfor/ance and <ualit- of audit ser7ices include4 0he auditors( the fir/s(
the legislati7e fra/ewor;( and standards relating to auditing.
0he auditors should u"hold "rofessional 7alues and standards( Integrit-( &+:ecti7it-( .ue >are( and
Inde"endence. =e should "ossess u"dated ;nowledge regarding auditing standards( accounting standards and
Industr- ;nowledge and e9"erience and Cegislati7e fra/ewor;.
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In addition the auditor should ha7e the necessar- s;ills which need to +e a""lied in "erfor/ing the audit. 0his
includes ,lo+al +usiness en7iron/ent( 8e+ +ased +usiness en7iron/ent and s;ills to a""l- "rinci"le-+ased
0he fir/s should "ut in "lace fra/ewor;( "rocesses and "rocedures to co/"l- with auditing and <ualit- control
standards as well as the a""lica+le legislati7e fra/ewor;( u"hold "rofessional 7alues and standards and ha7e the
ca"acit- to acce"t audit engage/ents +efore doing so.
0he legislati7e fra/ewor; includes( a/ong others( the followings4 Financial Re"orting Standards >o/"anies
And Allied Eatter Act >AEA#( Ban;s and &ther Financial Institution .ecreeB&FI.# and Nigeria Accounting
Standard Board NASB#( now Financial Re"orting >ouncil of Nigeria FR>N#.
)"# Global development
0he International Auditing and Assurance Standards Board IAASB# is an inde"endent standard-setting +od-
that ser7es the "u+lic interest +- setting high-<ualit- international standards for auditing( <ualit- control( re7iew(
other assurance( and related ser7ices( and +- facilitating the con7ergence of international and national standards.
In doing so( the IAASB enhances the <ualit- and unifor/it- of "ractice throughout the world and strengthens
"u+lic confidence in the glo+al auditing and assurance "rofession. www.ifac.orgJiaas+( 2)11#. >on7ergence of
auditing standards is "art of the International Federation of Accountants IFA># agenda.
0here was a "ro"osed re7ision of standards on Re7iew 3ngage/ents. 0his is to "ro7ide alternati7e in :urisdiction
where audit for s/all co/"anies are not /andator-. In res"onse to the call for a se"arate auditing standards for
S/all and Eediu/ 3nter"rises SE3s#( the IAASB recentl- issued an Audit !ractice Alert regarding the audit of
fair 7alue accounting esti/ates under the current situation in the /ar;et where the le7el of uncertaint- is 7er-
International Foru/ of Inde"endent Audit Regulators IFIAR# ser7es the "rotection of "u+lic interest through
enhance/ent of audit <ualit-. 0he +od- shares ;nowledge of audit /ar;et en7iron/ent and "ractical e9"erience
of inde"endent audit regulator- acti7it-. It "ro7ides the contact "oint for other international +odies which ha7e
interest on audit <ualit- www.ifiar.org(2)11#.
It is now a glo+al e9"ectation that auditors of "u+lic interest entities are regulated +- a +od- which is
inde"endent fro/ the accounting "rofession. 0he acce"tance of International Financial Re"orting Standard
IFRS # in Nigeria is e9"ected to enhance not onl- the <ualit- of financial state/ents +ut also the audit such
)"% *he +nron ,candal
0he case of 3nron Scandal was re7ealed in &cto+er 2))1.It led to the +an;ru"tc- of 3nron >or"oration an
A/erican energ- >o/"an- +ased in =ouston( 0e9as which was for/ed in 19$5.0his scandal also led to the
dissolution of Arthur Andersen( one of the fi7e largest audit and accountanc- "artnershi"s in the world. It is
attri+uted as the +iggest audit failure. Shareholders lost nearl- K11 +illion share "rice fell fro/ K9) to K1#.
8i;i"edia( 2)11# Arthur Andersen was found guilt- +- a AS .istrict court. Although the AS Su"re/e court
o7erturned the ruling( the fir/s had alread- lost /ost of its clients.>onse<uent u"on this case( the Anited States
"ro/ulgated the Sar+anes- &9le- Act which increased the accounta+ilit- of auditing fir/s to re/ain un+iased
and inde"endent of their clients.
8orld>o/ is another case of failed cor"orate go7ernance( accounting a+uses and outright greed. 0he co/"an-
was created in 19$* +- Bernie 3++ers. B- 1999 8orld>o/Is share traded at K6% and co/"eted with A0 L0. B-
2))2 the 8orld>o/ was declared the largest A/ericanIs +an;ru"tc-.8i;i"edia(2)11#
In Nigeria( >ad+ur- Nigeria !lc re"resents NigeriaIs 3nron >ad+ur-(2))6#. Eessrs Bun/i &ni and A-o
A;adiri ended their long -ears of ser7ice at >ad+ur- in disgrace. 0he duo were in7ol7ed in o7erstate/ent of
accounts and deli+erate /ani"ulation of finances.
-"# Audit Challenges
In this new /illenniu/ Audit !rofessionals face +oth o""ortunities and challenges that will ;ee" auditing a
challenging career and an e9cellent training ground for cor"orate e9ecuti7es.
8elch2)11# su//ari@ed the challenges and o""ortunities in the following4
.oing Eore with Cess
3ffecti7e Asage of Both Internal and 39ternal Resources
>reating the Integrated Auditor
Ada"ting to New &rgani@ational 3n7iron/ents
G0uning InG on an &rgani@ation?s Strategic Relationshi"s
Auditing in a =ighl- Auto/ated 3n7iron/ent
3ffecti7el- Asage of Auto/ation to Audit
Addressing Eanage/ent >oncerns with the >ost and &ther 3ffects of Fraud
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Finding New 0ools to Eeet the Audit >hallenge
Eeeting the >hallenges >reated +- the New 3cono/-
Beasle-( >arcello and =er/anson 2))1# also discussed so/e challenges of auditors. A/ong these include4
1. ,athering sufficient audit e7idence.
2. 39ercising due "rofessional care.
*. .e/onstrating a""ro"riate le7el of "rofessional s;e"ticis/.
%. Inter"reting or a""l-ing re<uire/ents of ,enerall- Acce"ted Audit !ractice ,AA!#.
5. .esigning audit "rogra/s and "lanning engage/ent inherent ris; issues( non-routine transactions#.
37er-where users of audit re"orts are as;ing the <uestion MAre good accountants bad auditors./
0&nwu;we(2)12#. 0he challenge is for auditors to +e inde"endent of their clients and i/+i+e the letter and s"irit
of inde"endent auditors earlier enu/erated i.e. integrit-( accounta+ilit- and o+:ecti7it-.
Auditors in the 21
centur- will also face challenges in ter/s of "rofessional training and de7elo"/ent. 0here is
inade<uate infrastructural facilities to "roduce the re<uired <ualit- and nu/+er of accountants and auditors that
/eet toda-Is industrial and go7ern/ent needs. 3thical standard and "rofessional co/"etence are re<uired for
the auditors to gain the confidence of the "u+lic.
1"# Conclusion
0he e9"ectation on the <ualit- of audit would re/ain high in 7iew of the interest of the in7estors on the audited
financial state/ent. Audit <ualit- goes +e-ond the co/"etenc- of indi7idual auditor +ut de"ends on the ca"acit-
and "rofessional 7alues ado"ted +- the auditing fir/s
As the +usiness en7iron/ent gets /ore glo+alised and co/"le9( auditing would +e /ore challenging and the
<ualit- of the "eo"le in7ol7ed in audit would +e 7er- i/"ortant to /aintain audit <ualit-
39ternal agencies outside the accounting "rofession would +e /ore in7ol7ed in the audit <ualit- issues.

ANAN2))$# 4 Association of National Accountants of Nigeria www.anan.org. Retrie7ed August( 2)11
A:a-i(>. A. 1997# 4 0he .e7elo"/ent of Accounting !rofession in Nigeria. !u+lished in Accounting 3ducation
in Nigeria 4 >hallenges and !ros"ects N A !u+lication of the Societ- of 8o/en Accountants of Nigeria S8AN#
Beasle-( >arcello( and =er/anson( 2)11# 4 0o" 1) Audit .eficiencies 4Cessons fro/ fraud-related S3> cases
"u+lished in Journal of Accountanc-.
>ad+ur- 2))6#4NigeriaIs 3nron4 nigeriaworld.co/
>hu;wunedu S. 2))9# 4 Bridging the 39"ectation ,a"4 0he !erce"tion of I>AN /e/+ers. A7aila+le at
SSRN4htt"4JJssrn.co/Ja+stractO17*)7)5 or
.ere; Eatthew 2))6# 4 A histor- of auditing N 0he changing audit "rocess in Britain. !u+lished +- 0a-lor L
Francis( 2))6.
,u"ta 1a/al 2))%#4 >onte/"orar- Auditing-0ata Eac,raw-=ill 3ducation 6
=as-udeen Nic; 2))9#4Audit "rofession-,lo+al .e7elo"/ent and 1e- issues-www.slideshare.net
=istor- of Auditing-www.ehow.co/JBusiness I>AN 1965 # 4 Institute of >hartered AccountantsI Act 1965
Cee( 1. 2))9#. P8h- and how to ado"t green /anage/ent into +usiness organi@ationsQ 0he case stud- of
1orean SE3s in /anufacturing industr-(R Eanage/ent .ecision %77#( 11)1-1121.
&nwu;we( .an 2)12#4 Su+sid- "ro+e re"ort4 Are good accountants +ad auditorsQ In Sun News"a"er( Ea- 1(
Rosta/i ( '. 2))9#4 Audit 39"ectation ,a"4 International 37idence. International Journal of acade/ic
Research( 11#(1 %)-1%6. Retrie7ed on 2J7J2)1) fro/ www.ijar.lit.az
Salehi( Eahdi2))$#: Audit e9"ectation ga"4 >once"t( nature and trace . !u+lished +- African Journal of
Business Eanage/ent 'ol. 521#( "". $*76-$*92( 2* Se"te/+er( 2)11
0an;o( Euha//ad 2)11# 4 Audit 39"ectation ,a"4 0he 0rend to >lose the ,a" in the 21
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co//issioned +- 0he Institute of >hartered Accountants of Nigeria I>AN#.
0he Association of >hartered >ertified Accountants www.accaglo+al.co/Jaf
8atts R and Hi//er/an J 19$*#4 Agenc- 0heor- and the Role of Audit. !u+lished +- 0he Institute of
>hartered Accountants 3ngland and 8ales.
8elch Ian 2)11# 4 Resha"ing Audit for the new ,lo+al 3cono/-F www.acca.
8i;i"edia( 2)114en.wwwJwi;iJ3nron. Retrie7ed( August(2)11.
8i;i"edia( 2)114en.wwwJwi;iJ8orld>o/. Retrie7ed( August(2)11.
www.ifac.orgJiaas+( retrie7ed( August(2)11.
www.ifiar.org( retrie7ed( August(2)11