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Independence of auditors and the importance of financial statement credibility

 Department: Banking and Finance  
 By: usericon sifypatprojects  

 Project ID: 4498
   Rating:  (3.3) votes: 6
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   Price:₦3000
Abstract
This study critically evaluated and analyzed the independence of auditors and the importance of financial statement credibility. The data used for this work were collected for primary sources of data collection. The relevant data collected were analyzed using simple percentage and hypotheses were tested using chi-square. The results of the test show that auditors' independence affects the credibility of financial statements and the improvement in the credibility of financial can reduce manipulation in the financial statement. The study also found that auditors' independence and the credibility of financial statements are significantly impaired when non-audit services are conducted and that there is a positive relationship between the independence of an auditor and credibility of financial statements. Therefore, the independence of auditors is fundamental to the credibility of financial statements. Based on the above, the study recommends that there should be rotation of auditors to improve the auditor's independence, implementation of peer assessment in order to ensure that audit are carried out with utmost professionalism and mental respect and that auditors should not be allowed to provide audit client with any other advisory services...
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