IJSRP, Volume 7, Issue 10, October 2017 Edition [ISSN 2250-3153]
Oji, Oliver , Ofoegbu, Grace N
The purpose of this study is to evaluate the effect of Audit Committee Qualities on Financial Reporting of listed companies in Nigeria. The study used structured questionnaires administered to a sample of 145 administrative staff of selected listed companies located in Rivers State, Nigeria to elicit the required data for hypothesis testing. The statistical technique employed in testing and analysing the hypothesis was the Ordinary Least Square regression analysis to accurately establish the effect of the dependent and independent variables with the aid of version 17.0 of the Statistical Package for Social Sciences (SPSS) computer software. Results of the analyses suggested that audit committee independence, audit committee members qualification and audit committee monitoring function have a significant and positive effect on financial reporting of listed firms in Nigeria. The study provides evidence to shareholders that qualification of audit committee members should be considered seriously during their appointment to improving the quality of financial reporting and achieving audit committee members independence. Moreover, the result highlights the need for companies to organise training for audit committee members in the areas where in-depth knowledge is required especially on the application of new accounting standards which will aid financial reporting process of the company. The paper creates awareness on the need for identifying monitoring functions that are vulnerable to manipulation for critical analysis and intensive review in those areas.