A Publication of the Institute of Chartered Accountants of Nigeria: External Auditors' Liability in the 2009 Bank Crisis in Nigeria
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Date
2010
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Publisher
Nigeria Research Journal of Accountancy (NRJA)
Abstract
This paper discusses the duties of an external auditor, the modus operandi of his work, the auditing requirements of companies and the role of management boards. Citing mainly foreign decided cases on auditors' ability to buttress its points, the paper concludes that though there has not been any external auditor that has been dragged to Nigerian court for negligence; it may be difficult to find the auditors liable under the present circumstances. This is because auditors' liability to third parties has been narrowed down with the Caparo case. This notwithstanding, the paper recommends that more reasonable skill and care should be exercised by auditors in order not to further drag their profession into the mud