Audit committee attributes and audit report timeliness of quoted manufacturing firms in Nigeria
1 Department of Management, University of Nigeria, Enugu Campus Nigeria.
2 Department of Economics, Enugu State University of Science and Technology Enugu Nigeria.
Research Article
Magna Scientia Advanced Research and Reviews, 2024, 11(02), 210–220
Article DOI: 10.30574/msarr.2024.11.2.0120
Publication history:
Received on 16 June 2024; revised on 24 July 2024; accepted on 27 July 2024
Abstract:
The study examined the effect of audit committee attributes on audit report timeliness in quoted manufacturing firms in Nigeria. Other specific objectives were to: assess the effect of audit committee independence and audit committee size, on audit report timeliness in quoted manufacturing firms in Nigeria over the period of 2017-2022. This study adopted quantitative research design. The study selected four listed manufacturing firms in Lagos were Unilever Nigeria PLC, Nigeria Breweries PLC, UAC Foods PLC and Cadbury Nigeria PLC. The data analytical techniques were descriptive statistics, correlation analysis and Generalized Panel Ordinary Least Squares (GLS). The empirical result showed that audit committee independence has positive and significant impact on audit report timeliness in quoted manufacturing firms in Nigeria (t-statistic; 2.9267; P-value; 0.0043 < Sig-value; 0.05); audit committee size has positive and significant impact on audit report timeliness in quoted manufacturing firms in Nigeria (t-statistic; 2.9267; P-value; 0.0043 < Sig-value; 0.05). The study recommends that management of manufacturing firms should board should be on the bases of age and experience not on friendship since it positively relates to performance and to the probability of disciplinary management turnover in poorly performing manufacturing firms.
Keywords:
Audit committee attributes; Audit report timeliness; Audit committee independence; Audit committee size
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