EFFECT OF AUDIT COMMITTEE CHARACTERISTICS AND FINANCIAL REPORTING LAG OF QUOTED INDUSTRIAL GOODS FIRMS IN NIGERIA

A crucial component of corporate accountability and transparency is timely financial reporting, especially in developing nations with inadequate institutional frameworks like Nigeria. This study looked at the relationship between the financial reporting lag of Nigerian quoted industrial goods companies and audit committee characteristics. The study's particular goals are to assess how audit committee size and diligence affect the financial reporting lag of Nigerian listed industrial goods companies. The study used an ex-post facto research methodology, and the population consists of thirteen (13) industrial products companies that are listed on the Nigerian Exchange Group (NGX) as of December 31, 2024. The sample size was chosen using purposive sampling procedures. The audited annual reports of the selected companies from 2015 to 2024 were the source of secondary data. Using STATA 17.0 software, the study employed random effect regression as an analytical tool. The results showed that there is a negligible negative impact of audit committee scrutiny on the return on audit report lag of Nigerian quoted industrial products companies. However, the size of the audit committee has a negligible positive impact on the audit report lag of Nigerian quoted industrial goods companies. In order to avoid delays in the completion of audited financial reports and to enable rapid clarification of audit queries, the study suggested that management and external auditors be obliged to attend audit committee meetings as needed. In order to ensure that technical accounting and audit concerns can be resolved quickly and without needless delays, the study also suggested that audit committees be established to guarantee a suitable balance of expertise and skills within the authorized size.