Authors : Adeyemo Kingsley Aderemi, Eriabie Sylvester Osarumwense, Adetiloye Kehide and Ben-Caleb Egbide
Abstract: The main objective of this study was to evaluate the impact of Audit Committee Attributes on financial reporting quality in Nigerian quoted companies. Data for the study were derived from annual reports of one hundred and thirty one (131) companies quoted on the Nigerian Stock Exchange over the period of 2006 to 2012. The data were analyzed using descriptive, correlation and Ordinary Least Square (OLS). The multivariate regression technique was utilized to estimate our model. The findings showed that each of the audit committee attributes, namely: audit committee frequency of meetings, audit committee financial literacy, audit committee independence, audit committee size and audit committee meeting attendance had a positive significant effect on financial reporting quality. Based on these findings, some recommendations were made, prominent amongst them, was that, in order to strengthen the impact of financial literacy on financial reporting quality, there is need for trainings and seminars to be organized for members of audit committee with a view to enabling them keep abreast of up to date information as regards their roles and responsibilities which will make them more effective and efficient in their assignments. In addition, the securities and exchange commission of Nigeria should put in place a regulation which ensures that audit committee members maintain at least, an attendance level of 85% for them to be retained in the audit committee for the following financial year.
Adeyemo Kingsley Aderemi, Eriabie Sylvester Osarumwense, Adetiloye Kehide and Ben-Caleb Egbide, 2016. Audit Committee Attributes and Financial Reporting Quality in Nigerian Quoted Companies. International Business Management, 10: 5326-5335.