Transition to 21st Century Audit: An Imperative for Fraud Detection in Nigeria

Abstract

This paper aims at examining the transition to 21^stcentury audit as an imperative for fraud detection in Nigeria. The study adopted the descriptive research design. A total of 800 copies of questionnaire were administered to a cross section of Accountants, Auditors, Regulators and Investors across three major commercial centres in three geo-political zones in Nigeria. 268 questionnaires were successfully collected from Accountants and Auditors while 332 were retrieved from Regulators and Investors respectively. This gave a total of 600 questionnaires (representing 75% success rate) of fully completed and returned questionnaires. This was therefore used in the study. Multiple linear regression was used in testing the formulated hypotheses. Besides this, the paper attempted to showcase the changing face of auditing profession in Nigeria. It advocated for the current needs of the Nigeria investment stakeholders and academics for improvement in providing credible and ethical reporting to meet the challenges of 21^st century. Finally, conclusions were drawn.