This paper examined the link between audit quality and earnings per share (EPS) of firms in Nigeria. The primary objective was to explore the impact of these audit-related variables (audit fees and audit report lag) on firms' financial performance as reflected in EPS, a critical measure of shareholder value. Using ex post facto research design, data were collected from the published financial statements of selected firms listed on the Nigerian Exchange Group (NGX) over a specified period (2019 to 2023). Regression analysis was employed to test the hypotheses and determine the extent to which audit fees and audit report lag influenced EPS. The results indicates a substantial favourable interplay between audit fees and EPS, suggesting that higher audit fees, which often indicate greater audit effort, contributed to improved financial performance. Conversely, a substantial adverse correlation was observed between audit report lag and EPS, indicating that delays in audit reporting negatively impacted firms' performance and stakeholders' confidence. The study provided practical implications for corporate governance, emphasizing the need for firms to balance adequate audit fees with the timely issuance of audit reports to enhance financial performance and shareholder value. From a theoretical perspective, the findings aligned with stewardship theory, which posits that managers act as stewards of organizational resources, fostering accountability and transparency. The research also emphasized the significance of audit quality in the Nigerian context, where financial transparency remains a challenge.