Audit quality and financial performamnce of listed pharmaceutical firms in Nigeria
Dr. Tonye Ogiriki, Levi-Owonaro and Seimiegha Prisca
The medication industry is crucial to the prosperity of a nation and advancement because of the inextricable link among good health and, by consequently, worker efficiency. In addition to supplying the drugs and other health products necessary for a healthy and productive workforce, a thriving pharmaceutical sector also creates good jobs for locals, boosts GDP, and brings in both foreign currency and import substitution. This study set out to answer the question, "Does audit quality correlate with the economic performance of widely traded Nigerian pharmaceutical companies?" for the industry. The design was decided upon after the occurrence. At the.05 level of significance, we tested three hypotheses. Secondary information was gathered from 2015-2021 public company financial reports. Five of the pharmaceutical firms represented in NXG were utilized for this study. Ordinary least square regression was used in conjunction with E-views version 9 to evaluate the collected data. The findings established a beneficial and mathematically substantial correlation between the amount of employees and nature of the audit firm and the overall profits of mentioned medical companies in Nigeria. Since using the Big 4 audit companies has been demonstrated to have better odds of enhancing the financial performance of pharmaceutical performance businesses in Nigeria, it was advised that focus be urged on their usage.
Dr. Tonye Ogiriki, Levi-Owonaro, Seimiegha Prisca. Audit quality and financial performamnce of listed pharmaceutical firms in Nigeria. Int J Finance Manage Econ 2023;6(1):227-233. DOI: 10.33545/26179210.2023.v6.i1.201