AUDIT COMMITTEE CHARACTERISTICS AND TIMELINESS OF FINANCIAL REPORTS IN NIGERIA

ABSTRACT

This research examined the significance of audit committee characteristics and its relation to the timeliness of financial reporting in Nigeria deposit money banks. Specifically, the study evaluates the impact of audit committee independence, meeting frequency, financial expertise and gender diversity on the timeliness of financial reports. The population of this study consists of all deposit money banks listed on the floor of the Nigeria Exchange group and the sample size of thirteen (13) deposit money banks listed on the Nigeria Exchange Group. Employing a correlational research design, this study draws data from secondary sources primarily the annual financial reports and returns of thirteen (13) deposit money banks listed on the Nigeria Exchange Group. The study encompasses a ten-year period from 2013 to 2022. Employing ordinary least square regression, descriptive statistics and Pearsons Product-Moment correlation matrix, the study examines the interrelationship between variables and evaluates the impact of audit committee attributes on the timeliness of financial reporting. The findings revealed that audit committee financial expertise and technology expertise are significantly positively correlated with the timeliness with the timeliness of financial reports. However, no substantial correlation is established between audit committee independence or meeting frequency and timeliness of financial reporting. Based on the study’s outcomes, organizations are advised to prioritize the inclusion of diverse genders in the audit committee as the diversity in the audit committee will lead to a heathy competition and efficiency which may affect the timely reporting of financial reports.