ACCOUNTING SOFTWARE USAGE AND FINANCIAL STATEMENT QUALITY IN SELECTED AUDIT FIRMS IN LAGOS STATE
Abstract
This study examined the impact of accounting software usage on the quality of financial statements of selected audit firms in Lagos State. The research focused on four key dimensions of financial statement quality: accuracy, reliability, comparability, and understandability. A survey research design was adopted, and data were collected from 100 respondents across selected firms including KPMG, PwC, Deloitte, FSC Professional Services, and Acts Professional Services. Data were analyzed using regression and ANOVA techniques.
Findings revealed that accounting software usage has a statistically significant positive impact on financial statement quality. Specifically, accounting software improves accuracy by reducing human error, enhances reliability through internal controls and audit trails, strengthens comparability via standardized reporting formats, and improves understandability by generating structured financial reports. The study concludes that accounting software is essential for improving financial reporting quality and recommends increased adoption of advanced accounting technologies among audit firms.
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