IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT (IJEFM )

E-ISSN 2545-5966
P-ISSN 2695-1932
VOL. 5 NO. 2 2020

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Audit Committee Attributes and Reporting Lag of Listed Consumer Goods Firms in Nigeria

Appah, Ebimobowei (Ph.D; FCA) & Tebepah, Sekeme Felix

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Abstract

This study examined the effect of audit committee attributes on audit report lag of listed consumer goods firms in Nigeria. Data for the study were derived from annual reports of thirteen consumer goods companies listed on the Nigerian Stock Exchange for the periods 2013 to 2017. The data were analyzed using auto regressive distributive lag and the regression estimation results revealed a positive relationship exists between audit committee size, audit committee expertise, audit committee meetings, leverage and audit report lag, a negative relationship between audit committee independence, board size and audit report lag of listed companies in Nigeria. The paper concluded that audit committee size, expert and knowledge affects audit report lag while independence and meeting does not affect audit report lag. Therefore the paper recommends that members of audit committee should be people with some level of knowledge and experience in financial management and accounting to understand the accounting and monitoring role of the committee; managers and owners of corporations must endeavour to be objective in the election or selection process for members of audit committee; and government through relevant agencies should sanction erring corporation that fails to adhere to best practice in corporate governance structure in the area of audit committee.

keywords:

Audit Committee Attributes, Audit Report Lag, Listed Companies, Consumer Goods, Nigeria

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