DOI: 10.36347/sjebm.2023.v10i10.003

Pages: 259-269

The exponential rise in corruption has necessitated the call for transparency in financial management in Nigeria. The public is dissatisfied with Auditor General’s reports as not been credible. While the public is dissatisfied with the performance of the Auditor General, the Auditor General Office thinks otherwise. The study employed four stakeholders groups (Legislature, Accountants, Bankers and Auditors) to explore the feelings of the society. The study revealed most respondents admit the present audit Act does not address the lack of transparency, accountability, dearth in human capacity, training, non-accessibility of public sector audit reports and great influence on reports due to environmental, social, economic and political factors. Highlighted also are disagreements between the auditor group and other respondents groups in mandatory training of audit staff, present audit team composition effectiveness and need for multi-disciplinary team composition. The study thus recommend urgent review of the Audit Act, enhancement of continuous professional training in modern forensic accounting techniques, guaranteed social security and protection of audit staff, the Auditor General be made to report to an Audit Commission whose membership should be drawn from professional bodies to avoid political influence from the executive and audit teams mandatorily be made to be multi-disciplinary in composition and a ban on auditors rendering non-audit services to clients in the course of their service.