| 1 |
Author(s):
Anderson Emmanuel Oriakpono (Ph.D.), Jemila Alfa Mohammed (Ph.D.), Joseph Femi Adebisi (Prof.).
Page No : 1-13
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Effect of Audit Committee Efficiency on Market Value of Listed Oil and Gas Companies in Nigeria.
Abstract
This study examines the impact of audit committee efficiency on the market value of listed oil and gas firms in Nigeria over the period 2016–2025. Adopting an ex-post facto research design, the study utilizes secondary data extracted from the published annual reports of selected firms quoted on the Nigerian Exchange Limited. Audit committee efficiency is proxied by audit committee size, audit committee independence, audit committee diversity, and audit committee diligence, while firm market value is measured using market-based valuation indicators. Descriptive statistics, panel unit root tests (Levin–Lin–Chu), Hausman specification tests, and Panel Pooled Ordinary Least Squares (OLS) regression were employed for data analysis using EViews (Version 10). The empirical results reveal that audit committee size, independence, diversity, and diligence exert positive and statistically significant effects on firm market value. The diagnostic tests confirm the absence of multicollinearity and autocorrelation, while the overall model demonstrates strong explanatory power. The findings suggest that effective audit committee structures enhance investor confidence, reduce agency costs, and strengthen corporate valuation performance. The study concludes that audit committee efficiency remains a critical corporate governance mechanism for improving firm value in Nigeria’s oil and gas sector. It therefore recommends stricter regulatory enforcement, enhanced governance transparency, and continuous capacity development to sustain valuation gains associated with audit committee effectiveness.
| 2 |
Author(s):
Mbu-Ogar Geraldine Banku (Ph.D.), Nkiri Joseph Enyam (Ph.D.), Eyo Rose Emmanuel.
Page No : 14-25
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Effect of Budgetary Planning and Control on the Profitability of Manufacturing Companies: A Study of Flour Mills Nigeria Plc.
Abstract
The study examined the impact of budgetary, planning and control on the profitability of manufacturing companies: A study of flour mills Nigeria plc. Budgetary, planning and control remains indispensable and pivotal in any organizational setting be it profit making or not. Resources are often scarce and limited with an array of needs and expenditures to be met. Budgetary planning and control ensures efficiency in the utilization of resources through methods and techniques of cost management that includes budget creation, assigning responsibilities to units/ departments, comparing actual performance to the budget, and acting on the results to maximize profit. Financial controls on the other hand are procedures, processes and policies by which organizations monitors and control the direction, allocation and usage of its financial resources optimally. The study adopted the quantitative research design, data were collected from both primary and secondary sources and analysed using the simple regression and descriptive statistical technique. The study result revealed that budgetary control and financial controls have significant and positive effect on return on assets of Flour Mills Nigeria Plc. The study recommended that firm’s strategies to attain budget targets should be dynamic and realistic, budget targets should always align with companies objectives as well as revenue estimates. Management should strive to constantly review existing standards and introduce measures that strengthens the internal control system to prevent inadvertent override of controls.
| 3 |
Author(s):
Evans O. N. D. Ocansey (Ph.D.).
Page No : 26-44
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Professional Judgment as a Behavioral Driver of Auditor Performance: Evidence from an Emerging Economy.
Abstract
This paper examines whether professional judgment functions as a central behavioral determinant of auditor performance. Specifically, it investigates the extent to which structured judgment processes and judgment bias management influence auditor performance within an emerging economy context. A cross-sectional survey design was employed using data collected from 285 audit managers across licensed audit firms in Ghana. Professional judgment was conceptualised as a multidimensional construct comprising structured judgment processes and judgment bias management. Data were analysed using correlation, regression and group difference (ANOVA) techniques. Robustness checks were conducted to address measurement validity, common method bias and model stability. The results reveal a strong and statistically significant positive relationship between professional judgment and auditor performance. Professional judgment explains a substantial proportion of variance in performance outcomes and remains robust after controlling for firm size. Both structured judgment processes and bias management independently contribute to performance. Additionally, significant differences in auditor performance are observed across firm size categories, with larger firms reporting higher performance levels. The findings suggest that strengthening professional judgment capabilities through structured methodologies, bias-awareness training and enhanced review mechanisms may significantly improve audit performance. Regulators and professional bodies should emphasise judgment-intensive areas in inspection and continuing professional development programmes. This study advances behavioral auditing research by conceptualising professional judgment as a multidimensional construct and empirically demonstrating its explanatory power for auditor performance in a Sub-Saharan African context, and contextually enriched account of how professional judgment shapes audit effectiveness.
| 4 |
Author(s):
Evans O. N. D. Ocansey (Ph.D.), Simon Komla Mawulolo Nayo.
Page No : 45-63
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Digital Forensics in Auditing: A Review of Ghana’s Public Sector.
Abstract
Auditing in the public sector remains vital for accountability, transparency, financial integrity and economic growth. However, Ghana still faces challenges like procurement irregularities, fund misappropriation, cyber fraud, and weak enforcement of audit recommendations. Traditional audit methods are mainly manual reviews, retrospective reconciliations, and sampling hence are becoming less effective against complex financial crimes and digital fraud. This study conducts a systematic literature review of over 80 scholarly articles, institutional reports, and policy documents from 2015 to 2025. It also explores how digital forensics can improve public sector auditing in Ghana. Using global and African experiences, the review emphasizes the transformative role of technologies such as big data analytics, artificial intelligence, blockchain, and robotic process automation in detecting fraud, protecting public resources, and building trust. Findings show that while digital forensics offers a proactive, evidence-based way to detect fraud and promote accountability, Ghana faces systemic barriers- including limited technical expertise, weak legal frameworks, institutional resistance, and high implementation costs. The study recommends strategies for capacity building, technology investment, legal reforms, and cultural change in public institutions. Integrating digital forensics into Ghana’s audit system could reduce revenue losses, promote fiscal sustainability, and position Ghana as a regional leader in digital public accountability.
| 5 |
Author(s):
Arama Davies Gyandi.
Page No : 64-76
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Effect of Accounting Information Systems Application on Audit Efficiency of Listed Deposit Money Banks in Nigeria.
Abstract
This study examines the effect of Accounting Information Systems (AIS) application on audit efficiency in listed Deposit Money Banks in Nigeria. Adopting a quantitative cross-sectional research design, the study utilizes data derived from the banking sector, focusing on key AIS components including system integration capability, real-time data accessibility, internal control features, audit trail completeness, and error detection and correction mechanisms. Analytical techniques such as descriptive statistics and inferential methods are employed to evaluate the relationships between AIS application and audit efficiency. The findings reveal that AIS components significantly influence audit efficiency by enhancing the timeliness, accuracy, and reliability of audit processes. Specifically, system integration and real-time data accessibility improve information availability, while internal controls and audit trails strengthen transparency and accountability. Error detection mechanisms further contribute to reducing audit risks and improving overall audit outcomes. The study concludes that effective deployment of AIS is critical to improving audit efficiency in Nigeria’s banking sector. It recommends increased investment in AIS infrastructure, continuous staff training, and strengthened regulatory support to optimize audit performance and ensure alignment with global best practices.
| 6 |
Author(s):
Daniel Magoya, Anannya Boruah (Ph.D.).
Page No : 77-91
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A Systematic Review of Internal Control Frameworks and Long-Term Financial Sustainability in Donor-Funded Organizations: Evidence from the Malawi “Compliance Trap”.
Abstract
This systematic review investigates the "Compliance Trap" a structural paradox where high audit compliance fails to foster financial durability in Malawian NGOs despite aid inflows exceeding MWK 191 billion. Following PRISMA guidelines, 18 peer-reviewed sources (2014–2026) were synthesized using Institutional Theory to examine the "decoupling" of internal controls from strategic resilience. Findings reveal a critical imbalance: a 90% prevalence of transactional controls versus a 15% deficit in proactive risk assessment. Notably, a strong correlation (r = 0.72) exists between monitoring maturity and acquiring unrestricted funding. This research identifies the "Monitoring Dividend," shifting the focus from donor accountability to institutional sustainability. It offers actionable recommendations for the NGO Regulatory Authority (NGORA) to implement resilience-based stress testing, providing a pathway for local organizations to break the "two-year collapse cycle" and achieve genuine financial autonomy.
| 7 |
Author(s):
Odrano Lucas Mwanana.
Page No : 92-107
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Does Corporate Governance Moderate the Impact of COVID-19 on Financial Performance? Comparative Evidence from East African Stock Markets.
Abstract
This paper examines the moderating effect of corporate governance on the impact of covid-19 on the performance of financial firms listed in the Dar es Salaam stock exchange and Nairobi securities exchange. Specifically, the study examines how board size, board independence and gender diversity moderate the effect of COVID-19 on the performance of financial firms listed in the Dar es Salaam stock exchange and Nairobi securities exchange. The study developed a composite indicator that aggregates corporate governance’s key components, mainly gender diversity, board size, and board independence. The study adopted a descriptive research approach and the data collected was analyzed using inferential econometric regression (random effect model). The study found that a robust of corporate governance practices, including board size, gender diversity, and board independence, positively influence firm performance however, the interaction between corporate governance and the COVID-19 variable was found to be negative but not statistically significant. This study contributes on the moderating role of corporate governance enhancing firm performance during periods of economic uncertainty.
| 8 |
Author(s):
Mbu-Ogar Geraldine Banku (Ph.D.), Nkiri Joseph Enyam (Ph.D.), Eyo Rose Emmanuel.
Page No : 108-123
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Fraud Risk Management and Performance of Deposit Money Banks: A Survey of First Bank of Nigeria Plc.
Abstract
The study examined fraud risk management and performance of deposit money banks, surveying First Bank of Nigeria Plc. The study population comprised of major branches of First Bank of Nigeria PLC, but 10 branches were randomly selected and used for the study with service staff from each branch making up an effective sample of 40. Pearson Moment Correlation Statistic was used to determine the correlation between the variables. Multiple Regression Statistic was deployed in analysing the relationship between the variables; Preventive Fraud Risk Management (PFRM), Detective Fraud Risk Management (DFRM) and Responsive Fraud Risk Management (RFRM) and performance (ROA). The findings revealed that PFRM and DFRM have significant relationships with ROA, while RFRM has an inverse relationship with ROA. The study recommended that top management of banks should adopt a multi-dimensional strategy in combating and mitigating fraud. Due to the peculiarity of the industry, hand-on policies and practices such as fraud risk assessment programs, fraud risk awareness training, proactive data analysis, automation of transactions with security encryption, whistle blowing, anti-fraud policy and frequent review of ineffective internal controls should be carried out at regular intervals to mitigate incessant bank fraud.
| 9 |
Author(s):
Fijabi Lateef Kolawole (Ph.D.), Akenroye Chris (Ph.D.), Akenroye Peace Oluwafeyikemi, Lasisi Rasheed Oparinde (Ph.D.), Achori Emmanuel (Ph.D.).
Page No : 124-145
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Financing Structure and Financial Performance of Selected Quoted Consumers Goods Companies in Nigeria.
Abstract
This study investigated how financing structure affects the financial performance of consumer goods companies listed on the Nigerian Exchange Group (NGX). Ex-post facto research design was used, analyzing secondary data from the annual reports of 16 out of 21 sampled companies. Using Stata, descriptive and inferential statistical analyses were carried out. The results revealed varied impacts: Equity positively and significantly affected return on assets (ROA), had a negative but insignificant effect on price earnings ratio (PER), and a negative and significant effect on earnings per share (EPS). Short-term debt positively and significantly affected ROA and EPS, while its effect on PER was positive but insignificant. Long-term debt positively and significantly affected ROA, had an insignificant positive effect on PER, and a negative and significant effect on EPS. Overall, financing structure significantly impacted the financial performance of consumer goods companies in Nigeria. It was recommended that organizations carefully plan and monitor their financing structure to optimally leverage debt.
| 10 |
Author(s):
Job Boahen, Evans O. N. D. Ocansey (Ph.D.), Boachie Danquah.
Page No : 146-166
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Organizational Culture and the Effectiveness of Forensic Audits in Combating Procurement Fraud in Ghana’s Metropolitan, Municipal, and District Assemblies.
Abstract
Procurement fraud continues to undermine public financial management and accountability in many developing countries, especially within local government institutions where procurement activities constitute a significant proportion of public expenditure. Though forensic auditing has emerged as an important mechanism for fraud detection and prevention, its effectiveness may depend on organizational conditions that facilitate the implementation of audit recommendations and accountability measures. This study investigates the mediating role of organizational culture in the relationship between forensic audit activities and procurement fraud within Ghana’s Metropolitan, Municipal, and District Assemblies (MMDAs). The study employed a quantitative cross-sectional survey design. Primary data were collected from 343 finance directors, accountants, and internal auditors selected from Ghana’s 261 MMDAs using a structured questionnaire. Data were analysed using descriptive statistics, Spearman correlation analysis, and Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings reveal that forensic audit activities are largely absent within Ghanaian local governments, with mean scores ranging from 1.68 to 2.60 on a six-point scale. In contrast, perceptions of procurement fraud remain relatively high (M = 3.45), despite the existence of formal procurement procedures and qualified procurement personnel. The results further show that organizational culture significantly mediates the relationship between forensic audit activities and procurement fraud (β = 0.270, t = 5.794, p < 0.001), accounting for approximately 47.8% of the total effect. Specifically, transparency and ethical leadership enhance the effectiveness of forensic auditing by facilitating information accessibility, accountability, and the implementation of corrective actions. The study concludes that forensic auditing alone is insufficient to curb procurement fraud unless supported by a strong organizational culture characterized by transparency, accountability, and ethical leadership. The findings demonstrates that organizational culture constitutes a critical mechanism through which technical audit interventions influence fraud-control outcomes. The study offers important policy implications for strengthening anti-corruption frameworks and improving public financial management within decentralized governance systems.
