Effect of Internal Audit on Financial Reporting Quality of Private Firms in Akure South, Nigeria

Student: Olusegun Victor Olukayode (Project, 2025)
Department of Accounting and Finance
Elizade University, Ilara-Mokin, Ondo State

Abstract

This study examines the effect of internal audit on the financial reporting quality of private firms in Akure South, Ondo State. Specifically, it evaluates how internal audit independence, integrity, and competence influence financial reporting quality. A cross-sectional survey design was adopted, involving a sample size of 60 respondents drawn from selected private firms. Data were collected through structured questionnaires and analyzed using descriptive statistics and regression analysis. Findings revealed that internal audit independence explains 31.6% of the variance in financial reporting quality, and both internal audit integrity and competence have positive and significant effects. The study concludes that these three aspects of internal auditing significantly enhance financial reporting quality. It recommends that private firms strengthen audit independence, ensure ethical integrity, and promote continuous auditor training to improve reporting reliability and transparency

Keywords
internal audit financial reporting quality audit independence audit integrity audit competence private firms Akure South corporate governance Nigeria accounting research
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