CORRUPTION IN NIGERIA

Corruption in Nigeria

Corruption in Nigeria (Proposal)

Chapter 1: Introduction

Background of the Study

The effect of corruption in Nigeria has seriously constrained development of the national economy and has significantly inhibited good governance in the country. Nigeria's complex political design is a contributing factor to the rise of corruption, which has adversely affected stability and trust and which has damaged the ethos of financial ethical values and principles. Although the Nigerian government has been instrumental in systems to fight the evils of corruption, practical problems have increasingly emerged over the years. The most notable problems are: insufficient coordination of anti-corruption work within the Nigerian banking sector and among the various sectors of society; poor information about corruption and the impact of anti-corruption measures and agencies; and the impact of corruption on good governance.

Problem Statement

Corruption fundamentally runs contrary to accountability and the rule of law because it undermines governance, diminishes public trust in the credibility of the state, and threatens the ethics of government and society (Heymans and Lipietz, 1999). The more systemic corruption is, the more difficult it becomes to identify it, deal with it, and penalise it.

Purpose of the Study

This paper is a part of a broader study undertaken on corruption. It addresses issues related to corruption and good governance in the Nigerian banking sector. To articulate and analyse the challenges confronting the country, issues regarding coordination of anti-corruption agencies will be explored.

Aims and Objectives

This paper examines developments in the regulatory framework for auditing in Nigeria that have challenged and questioned the legitimacy of members of the auditing profession and how the profession has responded to these challenges.

Significance of the Study

Nigeria is quickly learning that corruption is one of the major impediments to effective development. The greater openness that democracy has brought since 1994 offers new opportunities to deal with the problem of corruption in the context of the country's new constitutional values. But it also brings a sharper focus on the constraints that corruption imposes on development and the quality of governance.

Chapter 2: Literature Review

The auditing profession in Nigeria will have a crucial role to play in restoring the confidence of investors in audited financial statements issued in Nigeria. This paper contributes to the on-going debate about the usefulness of the audit function and the need for members of the public accounting profession to ensure that they continue to play a useful role in lending credibility to published financial statements and in maintaining confidence in the capital markets. However, the nature of the environment in which auditors operate will normally determine the extent to which they can successfully discharge their role as society's watchdog.

Therefore, in order to appreciate the nature of the problems, which have confronted the auditing profession in Nigeria, an understanding of the general environment (and the developments within the environment) in which members of the profession operate, is required. For, as environments change, auditing practice and other services provided by members of the auditing profession take on new characteristics in order to ...