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PROJECT TOPIC: The effect of audit quality on the performance of listed manufacturing firms in Nigeria

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Chapter one Introduction Background of the study

Audit quality is vital for every organization to achieve efficient and effective management of resources. It leads to the improvement of financial performance as a  key implementation strategy of the  accounting system and helps management check  the work of each department within the firm as a whole. Around the world, audit  quality assures the achievement of quality financial statements or reports for firms  listed on the stock markets of any country.  This is the cornerstone of institutions of   any type that are charged with the responsibility of checking records related  to  business activities. The functions of internal audit reflect the quality of the financial reports or information that the institutions maintain to create confidence among the stakeholders, and also reflect the efficiency and credibility of the institution’s audit department within the organization’s practices as part of the corporate governance structure of the firm’s management and practices.

 

According to Clarkson (1995), stakeholders have the  organization’s interest at heart  and are impacted by its operations, it could be negative or positive  in  the  way in  which it affects them. Stakeholders normally mentioned are employees, government, customers, competitors and political activist groups and the viability of  any organization is greatly influenced by them. (Dill, 1958; Murray & Vogel, 1997). In stakeholder theory, the firm intends to convert the stakeholders’ interests into goods  and services thereby creating value for them. Profits can no longer be taken solely as success of a firm, but its success is influenced greatly by stakeholder relationships and  is a broad range of issues which need to be addressed.

Agency theory is a contract whereby a person (agent) is appointed  by another person  or a number of people (principal(s)) to perform some service on their behalf. Conflicts may arise when the agent and the principal have interests which are different and  do  not align. An internal audit function can address this when it is independent and  has  the support of top management. Legitimacy theory is established on the belief that companies are always seeking for confirmation that they are doing business


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