Article2014

Corporate Governance and Audit Report Lag in Nigeria

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

Abstract

This study investigates corporate governance in relation to Audit report lag in Nigeria. It specifically examined the effect of board size, board independence, audit firm type, audit committee size and audit committee independence and firm size on audit report lag. The study employed time series and cross sectional survey data covering five year's period (2007-2011). A total of one hundred and twenty (120) listed corporate organisations in the manufacturing sector of the Nigerian Stock Exchange constituted the population, from where a sample of 40 firms was drawn. Historical data were sourced from the financial statements and accounts of the sampled firms. Data were analyzed using descriptive statistics correlation and Ordinary Least Square, (OLS) regression. We found that board size, audit firm type, firm size had a significant effect while board independence and audit committee size had no significant effect on audit report lag. We recommended that government should make stringent policies and regulations on audit report lag; professional accounting bodies should monitor auditing firms for early completion of any engagement, and good corporate governance practices should be fully implemented in Nigerian organizations in order to reduce incidence of audit report lag.

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References

2000Corporate governance proposals and shareholder activism: the role of institutional investors 2001Additional Evidence on Audit Report Lag 1987An Empirical Analysis of Audit Delay 1989Audit delay and the timeliness of corporate reporting*1991An Examination of Audit Delay: Further Evidence from New Zealand 2005Determinants of Audit Report Lag: Some Evidence from the Athens Stock Exchange 1996The Association Between Auditor Changes and Reporting Lags*2002Timeliness of corporate and audit reports

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2020Corporate Governance and Financial Ratios Effect on Audit Report Lag 2021Do Board Characteristics Affect Financial Reporting Timeliness? An Empirical Analysis 2018Pengaruh Profitabilitas dan Leverage Pada Audit Delay dengan Ukuran Perusahan Sebagai Pemoderasi

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