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The Challenges of Nigerian Economy Under Her Present Day Audit Committees

Following the success of Audit Commission in the United State of America, it was introduced in Nigeria through the promulgation of Companies and Allied Matters. Act CAMD ‘90 (now CAMA 2004). So far, the compliance with the Act is not in doubt as seen in published accounts of quoted companies. What is left is for audit committees to justify their establishment and existence by not failing to check corporate failures and malpractices as was intended. The major constraints to the effectiveness of these audit committees which include deficiencies in the enabling laws and the lack-lust attitude of regulatory and professional bodies on the subject-matter in Nigeria have been identified. Suggestions that will, hopefully, reinvigorate the audit committees for effectiveness in Nigeria have also been proffered. These include appointing people of high integrity with the requisite qualifications and experience of the companies’ industry and financial arena: effective enlightenment of all stakeholders and a comprehensive review of CAMD ‘90 (now CAMA 2004), incorporating inputs from the Sarbanes-Oxley Act of 2002, to reflect our local realities and peculiarities. Overhauling the audit committees is even more impelling with the privatization and globalization currents. The adoption, and adaptation, of generally accepted managerial practices for effective corporate governance to our local context would facilitate the integration of Nigerian enterprises into the realm of international business.