AN EXAMINATION OF THE ROLE OF AUDIT LAWS IN THE FIGHT AGAINST CORRUPTION IN NIGERIA

Abstract

The Nigerian Government has prioritized fighting corruption in recent times. With the increased rate of financial corrupt practices in the formal sector ranging from falsification of financial records and mismanagement of resources, the Government has through legislations enacted laws to checkmate these corrupt practices in both private and public service. Audit laws such as the Constitution of Nigeria, Money Laundering (Prevention and Prohibitions) Act, 2022, The Financial Reporting Council Act, and the Companies and Allied Matters Act are appraised in this research. These legislations have been enacted to ensure compliance with standards such as auditing Statements of accounts and other financial records of companies. In Chapter One of this research, a general introduction is made where the aim and objectives of the research is given.� The aim of the research is to appraise the Audit laws in Nigeria as they relate to the fight against corruption. The research also gives a conceptual clarification and highlighted the historical background to Audit laws in Nigeria. This is done in Chapter Two of this work. Until in recent times, Audit laws in Nigeria have suffered neglect. However, with the increase in financial crimes in the public sector, Banks and other private entities, Stakeholders have developed keen interest and have re-evaluated the laws relevant to auditing of financial records. This has led to the enactment of several laws and regulations and the setting up of institutional framework to ensure compliance and prosecute defaulters. The Economic and Financial Crimes Commission, (E.F.C.C) The National Financial Intelligence Unit (N.F.I.U.) and the Corporate Affairs Commission (C.A.C.) have been the major actors in curbing the financial grafts in Nigeria.� This research explored the standards set by these audit laws as well as the challenges faced by the institutions in their fight against corruption in Nigeria. The research concluded by considering all the relevant enactments in auditing as far as the fight against corruption is concerned and recommended that the Fiscal Responsibility Act 2007 should be domesticated across all the states of the Federation in other to complement the Federal enactment. �

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urn:uuid:89c7a450-29d5-4b8c-8286-f8ef04cf58b5