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CHANGES AND CHALLENGES OF AUDITING IN 21 CENTURY: THE NIGERIAN EXPERIENCE
Abstract This paper analysed the changes and challenges of auditing as there is an upsurge in fraudulent activities in financial accounting in the global economy in the 21st Century. Determining how Changes and Challenges has affected Auditing in the 21st century with particular reference to Nigeria is still a subject of discussion in most jurisdiction. Bringing together existing knowledge on the purpose, types, elements, basic principles, environmental changes and challenges, globalization, value for money audit and auditing and expectation gap. Using the desktop approach the analysis shows that lack of audit process affects the promotion of accountability in the Nigerian public sector. The paper recommends the expanding roles of the auditors under a globalized environment especially Nigeria now requires an improvement and development of new techniques and methodologies of other disciplines in the discharge of their duties. It also recommends that there is also the urgent need to attract professionals like ICT experts, fraud experts, statisticians, forensic accountants and forensic auditors in the various audit departments in the country.
Keywords Accountability, Changes and Challenges, Globalization, Public Sector, Value for Money Audit