Acta Universitatis Danubius. Œconomica, Vol 11, No 3 (2015)

Abstract

Audit timeliness is an important ingredient of quality financial reporting. Stale information might only benefit little to stakeholders in their decision making process. With the recent adoption of the International Financial Reporting Standards in Nigeria, the work of the auditor has seemingly become complicated. The question then arises, if such adoption affects the timeliness of audit reports. This study empirically investigates the impact of IFRS adoption and other associated explanatory variables on audit timeliness in Nigeria deposit money banks for the period 2010-2013. Panel regression analysis reveals a positive significant impact of IFRS adoption on audit timeliness. Results also indicate that firm age, firm size and auditor firm type are significant predictors of audit timeliness in Nigeria deposit money banks. The study recommends that auditor firms should make stringent efforts to acclimatize with the complexities of the IFRS transition process so as to reduce audit report delays. also, reporting agencies should come up with regulations, deadlines and benchmarks for issuance of independent audit reports