Data Analytics and Audit Technology in the Nigerian Commercial Banks

This study examined the effect of data analytics on audit technology effectiveness in Nigeria's commercial banking sector, with particular focus on the FUGAZ banks: First Bank of Nigeria Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, Access Holdings Plc, and Zenith Bank Plc. The study specifically investigated the influence of Data Analytics Quality (DAQ), Data Analytics Timeliness (DAT), Data Analytics Accuracy (DAA), Data Analytics Reliability (DAR), and Data Analytics Integrity (DAI) on Audit Technology (AT). A descriptive cross-sectional survey research design was adopted. The population comprised 2,259 staff drawn from the Internal Control & Audit and Information Technology departments of the selected banks. Using Taro Yamane's formula, a sample size of 374 respondents was determined, out of which 372 valid questionnaires were retrieved and analyzed. Data were analyzed using descriptive statistics, correlation analysis, Variance Inflation Factor (VIF), and multiple regression techniques with the aid of STATA. The findings revealed that Data Analytics Quality, Accuracy, and Integrity have significant positive effects on Audit Technology, while Data Analytics Timeliness and Reliability exert significant negative effects. The overall regression model was statistically significant, indicating that data analytics dimensions jointly explain variations in audit technology effectiveness. The study concludes that robust data analytics capabilities are essential for enhancing audit technology effectiveness, audit quality, transparency, and risk management within Nigeria's banking sector.

Data Analytics, Audit Technology, Audit Quality, Digital Auditing

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