Effect of Audit Committee Characteristics on Audit Report Lag of Listed Consumer Goods Companies in Nigeria

This study examined the effect of audit committee characteristics on audit report lag of listed consumer goods companies in Nigeria. Data for the study were derived from annual reports of ten consumer goods companies listed on the Nigerian Stock Exchange for the period 2012 to 2022. The data were analyzed using auto regressive distributive lag and the regression estimation results revealed that a positive and significant relationship exists between audit committee size, audit committee independence, audit committee expertise. Positive but insignificant relationship between audit committee meetings and audit report lag, positive and significant relationship exist between leverage and audit report lag, a negative and insignificant relationship between board size and audit report lag of listed consumer goods companies in Nigeria. The study concluded that audit committee size, independence and expertise affect audit report lag while audit committee meeting does not affect audit report lag. Therefore, the study recommends that membership of audit committee should possess some level of knowledge and experience in accounting profession to understand all aspects of accounting to be able to carry out their functions well. Government should make a policy that can categorically spell out the days allowed for reporting of audited financial statements of companies in order to reduce audit lag.