INTERNAL AUDIT QUALITY AND VALUE RELEVANCE OF QUOTED MANUFACTURING FIRMS IN NIGERIA
Abstract
The study investigated the relationship between internal audit quality and value relevance of quoted manufacturing firms in Nigeria for a period (2008 to 2017). The proxies were internal audit quality and value relevance; auditor independence and board of directors’ independence were control variables. Ex-post facto methodology with panel secondary data were extracted from the annual fact-book of 56 sampled out of 65 quoted manufacturing firms in Nigeria Stock Exchange. Multivariate regression analysis using E-view 10 statistical version software was carried out on the data collected. The results showed the following: internal audit quality and value relevance had a positive and significant relationship; board of directors’ independence and auditor independence which were control variables showed a positive and significant relationship. The research concluded as follows: that if internal audit quality increased by a large proportion, value relevance also increased by the same large proportion. It was recommended amongst others that company CEOs, MDs and Human Resource executives should be guided on the hiring of qualified and certified internal audit team/staff.
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Published in UNIPORT JOURNAL OF BUSINESS, ACCOUNTING & FINANCE MANAGEMENT
ISSN: 1596-9911
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