The study tends to enhance transparency, disclosure and comparability. It is evident that the implementation of IFRS reinforces stock market liquidity and leads to lower cost of capital and transaction costs, higher market value and better reputation. In view of the need to utilize accurate data for this research, primary data were obtained through a structured questionnaire to elicit responses from respondents to meet the requirements of this research. The data for the foregoing study were obtained from primary source. The primary (data was the major source which comprised questionnaires which were administered to the respondents. Based on the statistical test (Z – Test) used in the testing of the hypotheses, it was discovered that there was a positive relationship between adoption of IFRS and audit reports quality in Nigeria. In view of the findings of the research, the researcher recommended that there should be more emphasis on awareness of IFRS adoption among accountants/auditors in Nigeria, which could be achieved by using the print media, radio and television. It was also recommended that the FRCN (Financial Reporting Council of Nigeria) should be more equipped to enable them conduct adequate awareness and compliance with IFRS and they should further explain the similarities and differences between IFRS and GAAP.