EXTERNAL AUDITING RELEVANCE IN THE GROWTH OF BANKING INDUSTRY IN NIGERIA: AN EMPHASIS ON THE EFFECT ON DEPOSIT MOBILIZATION

Abstract

This study appraises the effects of external auditing in the growth banking business in Nigeria with special emphasis on his relevance to deposit mobilization. Data were collected through oral interviews, library research and the questionnaire. Respondents were chosen through stratified random sampling and data were analysed using the Chi- square and Z-test. Findings of the study indicate that external auditors contribute significantly to the growth of the deposits as their assurance functions and reports encourage the depositors and other stakeholders to grow their deposits in the banking sector. However, any report that is negative usually triggers off panic among depositors. The paper recommends that auditors should maintain a high degree of independence to guarantee quality assurance that could provide the much needed protection of depositors’ funds and other stakeholders’ interest in the banking sector

Keywords: Auditing Functions, Banking Business, External Auditing

Article Review Status: Published

Pages: 54-68 (Download PDF)

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This work by European American Journals is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License

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