The objective of this conceptual study is to draw attention to the scourge of audit failures in Nigeria, its consequences for the capital market and suggest what is to be done to ameliorate the situation and enhance audit quality. Our literature search reveals that audit failure is a serious problem in Nigeria with dire consequences for the capital market and the auditing profession in Nigeria. We chronicle some of the suggestions made at various fora to tackle this problem. We recommend, among others, immediate mandatory introduction of Forensic audits for say every 5 years for public interest entities in Nigeria, strengthening of corporate governance institutions for more effectiveness, introduction of joint audits and tackling headlong cultural factors militating against audit quality in Nigeria.
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