JOURNAL OF ACCOUNTING AND BUSINESS

External audit has become a fundamental area of audit research in recent times especially after the classical cases of audit failure experiences in major corporations. Audit  of  Medium  Enterprises  have  proven  to  be  among  the  most worrisome  for  professional  accountants  because  of  the  inadequacy  of  the  internal  controls as argued. This study the effect of external audit opinion on return on asset of selected food and beverage manufacturing firms in Nigeria. Ex-post facto research design was employed for this study. The population of the study consists of fourteen (14) listed food and beverage registered and quoted on the floor of the Nigerian Exchange Group (NGX) as at May, 2023. A purposive sampling technic was adopted to select seven (7) out of the fourteen (14) listed food and beverage companies on the Nigerian Exchange Group archives for the period of 2009-2023. Inferential statistics such as Panel regression analysis was adopted to analyse the extent to which external audit opinion influence return on asset of selected food and beverage manufacturing firms in Nigeria. Findings from the result of panel regression on the extent to which external audit opinion influence return on asset of selected food and beverage manufacturing firms in Nigeria showed that three (3) out of the four (4) expiatory variable were significant in explaining the variation of profitability. These variables are eternal audit opinion (0.0913), regulatory oversight (0.0143) and eternal audit experience (0.0294) y. The study revealed that there is significant relationship between external audit opinion and return on asset of selected food and beverage manufacturing firms in Nigeria. It is therefore recommended that manufacturing firms should prioritize maintaining the independence of their external auditors. This can be achieved by implementing strict internal policies that limit the influence of management on audit processes

This study evaluates the effect of returns, volatility on herding behaviour in Nigerian financial market. Monthly data of stock, bond and treasury bills market prices from 2019 – 2025 are used with the aim of examining and comparing the performance of the assets’ returns and volatility and then the possible consequent cascading effects or herding behavior of investors across the markets. The major findings and consequent conclusions of this study are thus: Stock return is inversely correlated to Treasury bill return but directly correlated to bond return. Bonds and Treasury bills as expected are less volatile and their expected values are relatively fixed, while stocks are volatile and their expected values vary over time. Stock has the highest monthly rate of return followed by Treasury bills. The pattern of distribution of bond price/return is normal, but stock and Treasury bill return do not follow a normal distribution process. There is evidence that investors do not cascade or herd towards bond market. The cascading effects are most prominent in the stock market and there is little evidence that investors “herded” towards the Treasury bills market.  In view of the findings and conclusions, the following recommendations are made: Investors should diversify efficiently by holding a portfolio of either stocks and treasury bills or bond and treasury bills. They should discount inefficient diversification that arise when the same factors could influence the assets in a portfolio. Investors should invest in Treasury bill, and choose either bond or stock. Bond for natural risk averse investors and   otherwise stock for risk plungers. The stock and Treasury bill markets show high and moderate evidence of herding behaviour respectively occasioned by fear and panic. Rational investors could take advantage of this behaviour for higher returns by acting on the contrary to the herding instinct.

This study explores the impact of cybersecurity practices on digital accounting in Nigeria, focusing on critical variables including transaction recording technologies, data authentication, secure end-user computing utilities, cloud data security, data integrity, and data protocols for transactions. Employing a survey design, data were collected from sixty (60) accounting professionals across various sectors.The study utilised regression analysis to determine the relationship between cybersecurity measures and the effectiveness of digital accounting systems. The results reveal that robust cybersecurity practices are significantly associated with improved digital accounting outcomes, particularly in enhancing data integrity and secure transaction protocols. Conversely, weak cybersecurity measures were found to have a detrimental effect on the reliability of digital accounting systems, leading to increased vulnerabilities such as unauthorised access and data breaches. The study recommends strengthening cybersecurity frameworks in digital accounting through the implementation of advanced security technologies and regular cybersecurity audits. This research contributes valuable insights into the critical role of cybersecurity in safeguarding digital financial processes in Nigeria.

The study examined the effects of interest rates on the net interest margin of Deposit Money Banks in Nigeria for the period 1990 - 2024. Interest rate was considered in terms of bank deposit rate, bank lending rate, treasury bills rate and monetary policy rate. The study as such adopted a quasi-experimental research design whereby secondary data were relied upon. These data which were yearly time series data on the aforementioned variables were collected from the statistical bulletin of the CBN (Central Bank of Nigeria) and the World Bank. The data set obtained was subjected to descriptive analysis, ADF unit root test, and Autoregressive Distributed Lag (ARDL) short run analysis, bounds cointegration test and Error Correction Mechanism (ECM) estimation. Short run analysis revealed that lagged net interest margin (NIM), bank deposit and lending rates have negative effects on NIM while treasury bills and monetary policy rates have positive influences on NIM as only the effects of bank lending, deposit and monetary policy rates were significant. EMC estimation revealed that these interest rates have long run equilibrium relationships with the NIM of banks in Nigeria. The study therefore concluded that interest rates have significant effects on the net interest margin of Deposit Money Banks in Nigeria. Hence, the study suggested that Deposit Money Banks should be encouraged to offer better and competitive deposit rates that will help them attract more funds into the banking system; and these banks should at the same time strive to ensure that their lending rates are reasonable in order to boost their net interest margins. Thus, the gap between prime and maximum lending rates should be narrowed significantly.

This paper aimed at identifying various theories of the firm in relation to consumer behaviour. In light of the above, related literatures were extensively reviewed and discussed using the marketing insights to establish how the identified firm theories which include neoclassical theory, expectancy theory, resource dependence theory, agency theory, and theory of motivation impact on the behaviour of the consumer. Based on the review of literature, the paper concluded that firm theories in relation to consumer behaviour can be used to achieve marketing success.  

The study investigated the impact of audit independence, audit firm size on financial reporting quality of listed financial services firms in Nigeria. Ex-post facts research design was utilized for the study. The source of data for the study is secondary and was collected through anuual reports of the listed financial services firms, purposive sampling technique was used and data collected were analyzed using (ordinary least square robust (OLS). Findings of the study revealed that audit independence, audit firm size showing significant impact on financial reporting quality. The study, based on the research findings concluded that audit independence with positive impact play a vital role in assuring and promoting the audience of shareholders and potential investors on financial statement, by demonstrating stronger oversight and strategic decision which enhances the credibility and transparency of financial reports. Also concluded that firms audited by more larger or more reputable firms typical associated with stronger regulated compliance and professional expertise tend to produce higher quality financial reports. It recommends among others that regulatory authorities should continue to enforce strict audit independence standards to ensure there are no conflicts of interest that could influence the auditors work.

This study aimed to further evaluate the relationship between federal tax revenue and government expenditure in Nigeria between the years 2009 to 2023. This research focused on VAT, PPT and CIT as proxies for federal government’s portion of tax revenue and analyzed their significance on capital expenditure. The study drew attention to the challenges attributed to Nigeria's low tax-to-GDP ratio, which limits revenue mobilization, therefore increasing borrowing. The study used time series data to compile data from Central bank statistical bulletin and Federal Inland Revenue Service between 2009 and 2023. Data gathered over the years were analyzed using descriptive statistics, unit root tests and co-integration tests and estimation using fully-modified ordinary least squares (FMOLS), canonical co-integrating regression (CCR) and dynamic ordinary least squares (DOLS). The study revealed that VAT had a positive and significant effect on CAPEX ( = 0.2301, p = 0.0057 < 0.01). It also showed that PPT had a positive and significant effect on CAPEX ( = 0.2301, p = 0.0057 < 0.01). Additionally, CIT was shown to have a positive but statistically insignificant effect on CAPEX ( = 0.3432, p = 0.1752 > 0.1). The study suggested possible fiscal reforms to improve tax collection, reduce overreliance of external borrowing, and promote economic development. The findings are expected to assist policymakers in formulating effective fiscal policies that improve government spending efficiency and promote public welfare.

This study investigates the nexus between managerial ownership (MO) and the reporting outcomes of Total Comprehensive Income (TCI) among listed financial firms in Nigeria. Covering the period 2020–2024, the research examines how director equity stakes influence the transparency of "Other Comprehensive Income" (OCI) components, such as unrealized gains/losses on financial assets and foreign exchange revaluations. Using a panel data approach with fixed-effects regression on 150 firm-year observations from financial firms listed on the Nigerian Exchange Group (NGX), findings indicate an average TCI of ₦17.98 million. Results show that managerial ownership has a significant positive effect on TCI reporting quality, supporting the interest-alignment argument of Agency Theory. However, the data also suggests that excessive ownership leads to entrenchment, particularly during the 2024 currency volatility and recapitalization cycles.