Corporate Governance and Audit Lag of Money Deposit Banks Listed in Nigeria

Usman Shehu Aliyu(1), Lukman Bello(2), Tariro Masunda(3),


(1) Department of Accountancy, Taraba State University, Jalingo, Nigeria
(2) Department of Accountancy, Taraba State University, Jalingo, Nigeria
(3) School of Accounting, Universiti Utara Malaysia, Sintok, Malaysia

Abstract

This study assesses the effect of corporate governance (composition of board of directors, competence of audit committee members and audit committee meeting) on audit report lag. The study used secondary data derived from the financial statements of listed money deposit banks in Nigeria Stock Exchange covering 2013- 2017. Using purposive sampling method seven out of the fifteen money deposit banks listed in Nigeria was used as sample. The statistical tests used include: descriptive statistics, correlation, and regression analysis. Analysis of data was carried out using multiple regression method. The results of this study indicate that composition of board of directors has significant effect on audit report lags, while competence of audit committee members and audit committee meeting has no significant effect on auditor report lags. The study recommends that board of directors should comprise 0.231 proportion of independent director to total board of director, audit committee should comprise of at least a member with experience in accounting and audit committee should hold 4 meetings in a year.

Keywords

audit report lags, corporate governance, composition of board of directors, competence of audit committee members, audit committee meeting

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DOI: https://doi.org/10.33455/ijcar.v1i2.97

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