Formal Education and Forensic Accounting Development in Nigeria

Since companies nowdays are going more and more cross border and becoming multinational, the adoption and implementation of International Financial Reporting (IFRS) and Auditing Standards (ISA) are as a result of globalization that has become a very important part of our world. In this regard lately, the accounting and auditing profession has undergone through major changes and developments. As part of these transformations were no different developing countries, since they are part of globalization as well. In this study, we present an outline of the financial reporting and auditing regime of countries in South Eastern Europe where as well we outline challenges faced by developing countries in adopting and implementing IFRSs and IASs. South Eastern European Countries such as Ex Yugoslavia countries face similar challenges and opportunities as part of their route to integrate and harmonize their financial and economic system with those of European Union, as a result of the same and unique characteristics of old and ex Yugoslavian system.Thus this study can help readers to have an overview of regulatory framework in these countries and to understand the similar and different challenges and opportunities, as well as it can serve as a base for a future research of the accounting and auditing professional developments in these countries. In this study, we present conclusions on why developing countries such as those that are part of this study choose to adopt international standards, and as well conclusions are drawn about the future of these standards for developing countries. Ongoing with the economic transition reforms undertaken within this region, financial reporting and auditing systems have been altered to converge with International Financial Reporting Standards, International Standards on Auditing, and towards a new emphasis on quality assurance for audit and external oversight mechanisms, to support the convergence process.