Impact of Cloud Accounting Information Systems on the Performance of Audit Firms in Nigeria

Abstract

The rapid evolution of technology on a global scale has significantly transformed the operations of various sectors, with audit firms at the forefront of this change. This study investigates the impact of Cloud Accounting Information Systems on the Performance of Audit Firms in Nigeria. The study used a cross-sectional survey research design; primary data were gathered using self –administered questionnaires targeting 399 staff members across 34 audit firms in Borno, Yobe, and Bauchi States. A sample of 200 audit staff was determined, with an additional 50 questionnaires added to mitigate for non- response errors. Ultimately, 211 questionnaires were retrieved, of which 202 were valid, resulting in a response rate of 80.8%. Stratified sampling techniques were employed to ensure that the sample represented the diverse audit firms. The collected data were analyzed using descriptive and inferential statistic. PLS-SEM was employed for hypotheses testing. The study found that Perceived Usefulness, Ease of Use and Security and Privacy concern aspects of CAIS have significant and positive impact on the performance of audit firms in Nigeria. Conversely, the complexity and technology compatibility of CAIS demonstrated insignificant positive effects. Based on these findings, the study recommends that small indigenous audit firms in Nigeria should leverage on emerging technologies to improve their audit process, client services, scalability, reduced overhead costs and achieve a competitive edge. Additionally, there is need for collaboration between policy makers and regulators such as NITDA and FRCN to address data security concerns often raised by professionals within context of auditing and accounting sector.