Article2009

Determinants of audit report lag

244 citations0/0 files storedJournal of Applied Accounting Research

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Auditing, Earnings Management, Governance Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

Purpose There are three main purposes of this study which are: first, to review the literature on audit report lag (ARL) and its determinants; second, to measure the extent of ARL in a developing country, Egypt; and third, to empirically examine the impact of corporate governance (CG) characteristics on ARL in Egypt. Design/methodology/approach The literature on determinants of ARL motivated the author to investigate about the impact of CG characteristics and audit‐related characteristics on ARL especially in emerging capital markets, such as the Cairo and Alexandria Stock Exchange (CASE) for a sample (85 companies) of Egyptian listed companies. Further, the study includes explanatory variables relating to CG characteristics, which have not previously been considered (i.e. board independence, duality of chief executive officer (CEO), and existence of an audit committee), that may shed more light on the structure and dynamics of the ARL. Findings The ARL for each of the 85 listed sample companies ranged from a minimum interval of 19 days to a maximum interval of 115, and Egyptian listed companies take approximately two months on average. A regression analysis indicates that board independence, duality of CEO, and existence of an audit committee significantly affect ARL. But on the other hand, ownership concentration has insignificant affect on ARL. Also, three control variables (company size, industry and profitability) significantly affected ARL. The adjusted R2 indicate that 57.10 per cent of the variation in the dependent variable in the regression model is explained by variations in the independent variables. Originality/value This study of Egyptian companies listed on the CASE represents the initial comprehensive examination of ARL, and it is consider the first study to provide a thorough examination of the association between CG characteristics and ARL.

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References

1983Separation of Ownership and Control 1997A Survey of Corporate Governance 1999Corporate Ownership Around the World 1996Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC*2002Investor Protection and Corporate Valuation 1991Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns 2005The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis 1998Corporate governance and board effectiveness

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2018Determinants of audit report lag: A meta‐analysis 2018Audit Committee Effectiveness and Company Performance: Evidence from Jordan 2017Audit quality and audit report lag: case of Indonesian listed companies 2018The determinants of audit report lag: a meta-analysis 2019The effect of company characteristics and auditor characteristics to audit report lag 2016An International Perspective on Audit Report Lag: A Synthesis of the Literature and Opportunities for Future Research

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