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IMPACT OF AUDIT COMMITTEE CHARACTERISTICS ON TIME LAG OF AUDIT REPORTING OF QUOTED COMMERCIAL BANKS IN NIGERIA


TONYE Ogiriki (PhD),ONYIA Bartholomew Onyekachi
Department of Accounting, Faculty of Management Sciences, Niger Delta University, Bayelsa State, Nigeria
Abstract
The study examined the effect of audit committee attributes on time lag of audit reporting of quoted commercial banks in Nigeria. The primary objective of the study was to scrutinize the impact of two key audit committee attributes—size and meetings—on financial reporting lag. By focusing on Nigerian commercial banks and employing an ex-post facto design, the study leverages a sample of commercial banks with complete annual reports spanning from 2018 to 2022, utilizing both descriptive and inferential statistics for analysis. The regression analysis reveals a significant negative impact of audit committee meetings on reporting lag, indicating that more frequent meetings are associated with decreased reporting lag. Conversely, audit committee size does not exhibit a substantial effect on reporting lag within this context. Furthermore, the study recommended an enhance financial reporting practices within Nigerian commercial banks. These include prioritizing regular and meaningful interactions among audit committee members, ensuring the composition of audit committees consists of qualified and independent individuals, and establishing robust mechanisms for monitoring and evaluating audit committee performance.
Keywords: audit, attributes, committee, financial, lag, reporting.
Journal Name :
International Journal of Global Economic Light (JGEL)

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Published on : 2024-03-23

Vol : 10
Issue : 3
Month : March
Year : 2024
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