IIARD INTERNATIONAL JOURNAL OF BANKING AND FINANCE RESEARCH (IJBFR )
E-ISSN 2695-1886
P-ISSN 2672-4979
VOL. 9 NO. 3 2023
DOI: https://doi.org/10.56201/ijbfr.v9.no3.2023.pg 80.94
Audit Committee Characteristics and Financial Restatement of
Quoted Non-Financial Firms in Nigeria
Lawrence, U. Egbadju
Abstract
This study investigates whether there is any relationship between audit committee characteristics
and financial restatement. Using secondary data over the period from 2005 to 2020 of 76 non-
financial firms, the results of the generalized methods of moments (GMM) reveal that audit
committee independence, audit committee diversity, audit committee meetings and audit committee
expertise are positively significant with financial restatement while total audit committee size is
negatively insignificant with it. The overall results shows that although most of the audit committee
characteristics significantly influenced financial restatement, none of them helped in reducing
managers tendencies to reduce the practices of restating previously reported financial statements.
The study concludes with some recommendations for better performance reporting
keywords: Audit Committee Characteristics, Restatement, Quoted, Non-Financial Firms, GMM.
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Bardis, G. (n. d.). An examination of the factors leading to financial restatements. (n. p.)
CAMA (2020). Companies and allied matters Act. Federal Republic of Nigeria Official Gazette.
REFERENCE NOTE BOOK, 1-528
Chung, D. J., Kim, B. & Park, B. G. (2018). How do sales efforts pay off? dynamic panel data
analysis in the Nerlove-Arrow framework. (n. d.), 1-50
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