Top PDF THE EFFECT OF AUDIT TENURE AND FINANCIAL REPORTING QUALITY IN NIGERIA LISTED COMPANIES

THE EFFECT OF AUDIT TENURE AND FINANCIAL REPORTING QUALITY IN NIGERIA LISTED COMPANIES

THE EFFECT OF AUDIT TENURE AND FINANCIAL REPORTING QUALITY IN NIGERIA LISTED COMPANIES

al.,2002).Also, the auditor will be in a stronger position to resist management pressure and be independent with integrity and objectivity professional judgment when there is a mandatory audit firm tenure (Chung, 2004; Wolf et al., 1999; Brody & Moscove 1998). For auditor to maintain auditors’ independence and objectivity audit firm should periodically relinquish their client. Examples of countries that have oversight boards and have implemented mandatory audit tenure are United Kingdom 2003,Austria and Canada 2005, Spain 1989, South Korea 2006, Brazil 1999, Italy 1974, France 1998-2004, Singa pore 2002 (Cameran et al., 2005). Jeong and Rho (2004) opined that auditor abstaining from non- services audit relation makes an auditor to be more independent. The size of the audit firm also determine the level of independence provides big auditors with stronger negotiation stance with their chart compared with smaller audit firms (Nelson, Elliott & Tarpley, 2002).Also, previous studies that have shown that auditor independence affects audit tenure positively include (Uwhejevwe-Togbolo, 2016 and Alim, Trisni, & Lilik, 2007). It therefore follows that auditor independence is directly proportional to audit tenure.
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Determinants Of Internet Financial Reporting: Evidence From Selected Companies Listed On Nigeria Stock Exchange (NSE)

Determinants Of Internet Financial Reporting: Evidence From Selected Companies Listed On Nigeria Stock Exchange (NSE)

The study adopted ex-post facto research design. The population for this study consists of all listed companies on the Nigerian Stock Exchange (NSE). As at 5 th of August, 2016, the total listed companies in Nigerian Stock Exchange (NSE) is one hundred and seventy-eight (178). The population is stratified based on sector and the sample is drawn systematically from the population. 125 out of 178 listed companies are selected as our sample representative. This was done using random sampling techniques. The study employed panel data which were collected from selected 125 companies listed on Nigeria Stock Exchange. The websites of the sample companies were browsed for collecting data related to financial reporting on the internet. Also, the data sourced from annual report and accounts of the sample companies for the periods of 2010 – 2014 accounting years. The study employs Descriptive statistics; to know the characteristics of the variables, Pearson product moment correlation; to know the relationship among the variables and multiple regression analysis (OLS) to test relationships among theoretically related variables and estimating the effects of one variable on the other with the aid of statistical package (STATA 13). A. MODEL SPECIFICATION
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Board Characteristics and Financial Reporting Quality among Jordanian Listed Companies: Proposing Conceptual Framework

Board Characteristics and Financial Reporting Quality among Jordanian Listed Companies: Proposing Conceptual Framework

Corporate governance indicates the acting governing firms in order to protect the shareholders’ interests. The ownership and control separation has initiated the assortment of suitable corporate governance mechanisms to make sure a competent interest arrangement for both principals and agents. Shleifer and Vishny (1997) observed corporate governance from a simple agency viewpoint that dealing with the investors to make sure that they will acquire their investment back from the management. The agency theory apprehensions the problem of principal-agent in ownership and control separation of the firm and attends to the probable for agency problems (Fama & Jensen, 1983; Jensen & Meckling, 1976). The signed contracts among shareholders and managers in fact offer managers essential remaining rights control that generates chances to confiscate the funds of shareholders (Shleifer & Vishny, 1997). Corporate governance can be defined as: “… the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders’ role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structures is in place. The responsibilities of the board include setting the strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board’s actions are subject to laws, regulations and the shareholders in general meeting” (Cadbury Report, 1992, p.15).
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THE INFLUENCE OF AUDIT COMMITTEE ATTRIBUTES ON THE QUALITY OF FINANCIAL REPORTING EVIDENCE FROM NIGERIAN BANKS

THE INFLUENCE OF AUDIT COMMITTEE ATTRIBUTES ON THE QUALITY OF FINANCIAL REPORTING EVIDENCE FROM NIGERIAN BANKS

The number of audit committee meetings has been used frequently as proxy for diligence and activeness of audit committee in corporate governance literature (McMullen and Raghunandan, 1996; Song and Windram, 2004; Al-Lehaidan, 2006). Prior studies on the relationship between the frequency of meetings and the quality of financial reporting, has so far, produced mixed results. For instance, while Bryan, Liu and Tiras (2004) and Koh et al. (2007) are in agreement that audit committee that meets regularly improves the transparency of reported earnings and therefore enhance earning quality (proxy for financial reporting quality), Yang and Krishnan (2005) and He, Wright, Evans and Crowe (2007) found no evidence of a significant relationship between the number of audit committee meetings and earnings management (another proxy for financial reporting quality). Contrary to this position, McMullen and Raghunandan, (1996) document that companies with less audit committee meetings are often found to have problems of financial reporting. O‟Sullivan, Percy and Stewart (2008) confirm that audit committee meeting frequency is positively associated with the disclosure of forward-looking information in financial statements. In their report on the study of the collapse of firm of Andersen & Co, Chen and Zhou (2008) noted that the frequency of audit committee meeting is an important mechanism in enhancing good corporate governance practice.
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Financial Reporting Quality and Debt Maturity on Investment Efficiency in Non Financial Companies Listed on the Indonesia Stock Exchange in 2015 2017

Financial Reporting Quality and Debt Maturity on Investment Efficiency in Non Financial Companies Listed on the Indonesia Stock Exchange in 2015 2017

Based on research conducted by Christine & Yanti (2017), Jeon & Oh (2017), Jafari (2016), Sakti & Septiani (2015), Gomariz & Ballesta (2013) show the results that short-term debt maturity has a significantly effect on investment efficiency. The meaning of short-term debt maturity can reduce the deviation of an investment thereby increasing investment efficiency, because short-term debt allows lenders to exercise better control over the company's management. Supervision will be carried out better because debts with shorter maturities will require setting interest rates more often.
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Effects of auditor attributes on audit reporting lag: empirical evidence from Nigerian service firms

Effects of auditor attributes on audit reporting lag: empirical evidence from Nigerian service firms

Ahmed and Che-Ahmad (2016) examine the impact of corporate governance traits on the delay of audit report delay banks in Nigeria with a sample of fourteen banks. Results of OLS robust regression present that audit quality and some board structures have a significant effect on audit delay. The study recommended that investors should persist on the use of big four audit firms for efficiency to boost the assurance of all the interested parties. In a similar vein, Adebayo and Adebiyi (2016) examine the timely report of financial statements of listed deposit money banks in Nigeria with an ordinary least square technique and that audit firm size increases audit report lag. Abidina and Ahmad-Zaluki (2012) investigate whether the audit assignment is more efficient when specialized auditors are engaged with a sample of 873 publicly quoted firms. Using a regression technique multivariate, they reported a positive relationship between big four audit firms and shorter audit delay. Rusmin and Evans (2017) also reported similar results with a sample of listed manufacturing companies on the Indonesian Stock Exchange. Aljaaidi et al. (2015) examine the determinants of audit report delay in using primary data from 87 independent auditors of listed companies in Jordan in the year 2009. Findings from OLS regression indicate that higher audit committee diligence and more reliance on internal audit minimize audit report lag. In line with the above review, it is hypothesized that,
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Audit Firm Size, Audit Fee, Audit Reputation and Audit Quality: The Case of Listed Companies in Vietnam

Audit Firm Size, Audit Fee, Audit Reputation and Audit Quality: The Case of Listed Companies in Vietnam

However, using going-concern opinions as a proxy to measure audit quality is challenging, because the business failures of clients can be consequences of unforeseen business situations in the future (Tritscher, 2013). It may be related to business forecasting rather than analyzing facts obtained from historical financial reporting (Tritscher, 2013). Further, going-concern opinions can contribute to a client’ business failures when banks and suppliers refuse credits to this client (Tritscher, 2013). In addition, inappropriate going-concern opinions only contribute a small portion of low audit quality as many types of material misstatements are not related to a going-concern opinion (Tritscher, 2013). Therefore, whether going-concern opinions is an appropriate measure of audit quality depends on each cases (Tritscher, 2013). 2.2.2 Material misstatements. The two most commonly used misstatement measures in prior studies includes restatements and Accounting and Auditing Enforcement Releases (AAERs) (DeFond and Zhang, 2014). Accounting restatements refer to the corrections of material misstatements in the client’s previously issued financial statements (Alyousef and Almutairi, 2010). Restatements and AAERs are actually direct measures of audit quality because they indicate that the auditor issued an unqualified opinion on materially misstated financial statements, and the audit opinion is the auditor’s full responsibility and directly under his or her control (DeFond and Zhang, 2014). Empirical studies (e.g. Raghunandan et al., 2003) show that there is an implicit relationship between financial statement restatements and low audit quality. For instance, Raghunandan, Read, and Whisenant (2003) asserted that their examination of the relationship between non-audit fees and subsequent restatements indicates a direct relationship between non-audit fees and audit quality. Palmrose and Scholz (2000) studied auditor litigation resulting from restatements which are at the intersection of financial reporting quality and audit quality. Further, misstatements arise from not adequately identifying of high-risk accounts and transactions by the auditors (Palmrose and Scholz, 2000). Restatements in their sample identified accounting issues such as revenue recognition could have been identified by the auditors as high risk in their audit planning and performance.
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MANDATORY IFRS INTRODUCTION AND FINANCIAL STATEMENTS COMPARABILITY: EVIDENCE FROM NIGERIAN LISTED COMPANIES

MANDATORY IFRS INTRODUCTION AND FINANCIAL STATEMENTS COMPARABILITY: EVIDENCE FROM NIGERIAN LISTED COMPANIES

The IFRS Adoption Roadmap Committee, (2010) declared that it would be in the interest of the Nigerian economy for listed companies to adopt globally accepted, high quality accounting standards, for the purpose of comparability of financial statements, information quality, reduction in the cost of doing business and attraction of foreign direct investments. The Nigerian Statement of Accounting Standards (SAS) and IFRS are in many ways different in terms of direction and application of the standards, although, some of these standards are similar in certain areas. Most of the SAS under NG-GAAP are found to be similar to Financial Reporting Standards (FRS) under UK-GAAP. The International Accounting Standards (IASs) issued by IASB have an equivalent Statement of Accounting Standards (SASs) issued by NASB. However, certain standards issued by the NASB do not have equivalent IAS and vice versa (Adesina, 2011).
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Effects of International Financial Reporting Standards (IFRS) on Financial Statements Comparability of Companies

Effects of International Financial Reporting Standards (IFRS) on Financial Statements Comparability of Companies

Standards (SASs) issued by the NASB are outdated and considered insufficient to provide the necessary direction in the preparation of qualitative financial statements. In Nigeria, companies cook figures and manipulate financial statements; tax avoidance is the norm of the day while earnings management is left uncontrolled by the authorities because of weak and ineffective regulation (Masud, 2013).Another limitation is that is that prior studies were not able to capture all listed companies in Nigeria (Onafalujo, Eke &Akinlabi, 2011; Okafor & Killian, 2011). Many studies focused on profitability and liquidity indicators without attention paid to reported earnings and market value (Lantto & Sahlstrom, 2009; Blanchette, Racicot & Girard, 2011). These problems coupled with many issues, necessitated government to introduce series of economic reform programmes in the various sectors of the economy so asto correct the departure. One of these reforms is the introduction of International Financial Reporting Standards (IFRS) that replacedthe Statement of Accounting Standards (SAS) advocated by the Nigerian Accounting Standards Board (NASB).
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AUDIT COMMITTEE CHARACTERISTICS, BOARD CHARACTERISTICS AND FINANCIAL REPORTING QUALITY IN NIGERIA

AUDIT COMMITTEE CHARACTERISTICS, BOARD CHARACTERISTICS AND FINANCIAL REPORTING QUALITY IN NIGERIA

Beasley et al., (2009) suggest that audit committee meetings are not mere rituals devoid of interest to managers and auditors instead meaningful and substantive meetings are consistent with an agency perspective. Chen and Zhou (2008) noted number audit committee meeting as an important mechanism of corporate governance. Menon and Williams (1994) suggest a minimum of two meetings a year. This recommendation as to a minimum meeting frequency to guarantee effective audit committee control are supported by empirical evidence of a positive relationship between meeting frequency and the quality of a firm’s accounting information (Abbot et al., 2004; Xie et al., 2003). It is argued that effective control is unlikely to occur if an audit committee holds a single yearly meeting, or none at all (Deli & Gillan, 2000; Klein & Garcia, 2007). Abbott et al. (2007) noted that an effective Audit committee should meet at least four times annually.
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Effect of Audit Quality on the Investors’ Ability to Predict the Future Profits of Companies in Stock Exchange

Effect of Audit Quality on the Investors’ Ability to Predict the Future Profits of Companies in Stock Exchange

When auditor of a company is constantly changing, due to the creation of the impression that the manager replaces the auditor to reach his desired report, investors’ confidence in the company financial statements would be reduced. For this reason, in an analysis and forecast, the financial statements will be less used. Since auditor tenure causes auditor's understanding of the client environment, it highlights the auditor monitoring and informational role and reduces information risk. Providing high quality information to investors through the auditor tenure increases the ability of investors to predict, and finally make right decisions, due to the use of this information. Test results of the third hypothesis confirms this issue.
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THE EFFECT OF AUDIT COMMITTEES ON THE EARNINGS QUALITY IN PUBLIC COMPANIES LISTED IN JORDAN

THE EFFECT OF AUDIT COMMITTEES ON THE EARNINGS QUALITY IN PUBLIC COMPANIES LISTED IN JORDAN

According to García, Barbadillo, and Pérez (2012), investors worry with earnings quality increased during the last decade after many companies announced non-authentic earnings, thus investors became more careful in considering net earnings. In other words (Siagian & Tresnaningsih, 2011) the earnings quality is the ability of the present earnings to provide a real picture about the company and its ability to survive in the future, the significance of earnings quality stems from the earnings on which many parties depend when they take their decision. Moreover; Inaam and Khamoussi (2016), Vuko et al. (2015) believe that earnings quality is considered an important factor in the financial statement and is used as a guide to decision making, earnings quality plays an important role in the process of financial analysis, (Hamdan et al., 2013) earnings quality help financial analysts in analyzing three basic sides of information, these are the present functional performance of the company, future functional performance, and value of the company.
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THE EFFECT OF BOARD OF COMMISSIONERS, AUDIT COMMITTEE, AND INTERNAL AUDITOR ON FINANCIAL REPORTING QUALITY OF BANKS LISTED ON THE INDONESIA STOCK EXCHANGE

THE EFFECT OF BOARD OF COMMISSIONERS, AUDIT COMMITTEE, AND INTERNAL AUDITOR ON FINANCIAL REPORTING QUALITY OF BANKS LISTED ON THE INDONESIA STOCK EXCHANGE

The financial crisis that hit the world, especially in Asia over the last decades has brought Indonesia into downfall and an uncertain economy. Many giant companies in real estate and services experienced financial crisis. These were triggered by a poor corporate governance at that time because of inconsistency in implementing good corporate governance. It caused many companies, especially banks, experienced liquidity due to the credit failure that was caused because the banks did not follow the rules for making good loans. Violations of the principles of good corporate governance in banking corporations are the effects of the minimum banking regulations concerning rights and obligations of the parties related to the company such as: shareholders, board of commissioners, board of directors and, internal watch dog units. Therefore, this study will examine the effect of corporate governance(CG) mechanism on the quality of financial reporting in the bank slisted on the Indonesia Stock Exchange(IDX). Corporate governance mechanism is proxied by the variables of Boardof Commissioners, Audit Committee, and internal auditor. Corporate Governance(CG) refers to the relations among various participants in the corporation that determine the direction and performance of the corporation (Monks &Minow, 2001). The issue of CG has come to the surface, especially in Indonesia, after Indonesia’s prolonged crisis period, which began in 1998. Many said that the long duration of the repairing process in Indonesiais due to the very weak CG applied to Indonesian corporations. Since then, both government and investors began to give significant attention to CG practices.
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Audit Fees and Financial Reporting Quality: A Study of Listed Companies in Nigeria

Audit Fees and Financial Reporting Quality: A Study of Listed Companies in Nigeria

sample of listed banks for the year 2006 to 2013. They show that audit fee is positively and significantly associated to abnormal loan loss provision. This shows that auditors’ monetary dependence raises the rate of earnings management practice in Nigerian banks. On the other hand, Eriabie and Dabor (2017) study the relationship between audit quality and earnings management in Nigeria. They employ a sample of 18 listed banks for the year 2005 to 2010. Their finding reveals that audit quality is negatively associated to earnings management. This is confirmed by Ndubuisi and Ezechukwu (2017) who study the determinants of audit quality amongst Nigerian Banks. They show that higher audit fees have high likelihood of increasing audit quality. Okolie (2014) examine the effects of auditors’ independence on earnings management. They use a sample of 57 listed companies in Nigeria for the period of 2006 to 2011. The finding indicates that audit fee has a negative significant and association with discretionary accruals. This is affirmed by AbdulMalik and Che-Ahmad (2016) who explore the impact of audit fees on financial reporting quality in Nigeria. The source data from the annual reports of 89 listed companies for the periods of 2008 to 2013. They show that audit fees have a negative significant influence on discretionary accruals. They further suggest that extreme fees paid to auditors in Nigeria may not impair their independence since it reduces the magnitude of abnormal accruals. In addition recent study of Abdul-Rahman, Benjamin and Olayinka (2017) who examine the relationship between of audit fees and quality of audit in Nigeria reveals that audit fee is positive and significantly related to audit quality. From foregoing argument, the study hypothesized that: H 1 Audit fee has a positive significant relationship with financial reporting quality.
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Effect of Audit Committee Qualities on Financial Reporting of Listed Companies in Nigeria: A Perspective Study

Effect of Audit Committee Qualities on Financial Reporting of Listed Companies in Nigeria: A Perspective Study

Hence, conflict of interests between owners and management emerges and grows. However, for accountability purpose, management decisions and actions need to be monitored. Close monitoring will be achievable when owners can actively partake in this control process. On the other hand, because of high-cost involvement and in some cases due to lack of expertise and knowledge, they cannot be actively involved in this process. Nevertheless, the board has to set monitoring apparatus because of their oversight responsibilities dedicated to shareholders (Johnson, Daily &Ellstrand, 1996). Dezoort, Hermanson, Archambeault& Reed (2002) posited that the board has to assume the oversight task of monitoring managers, approving entity's strategies and evaluating control structure to deal with the problem emanating from agency relationship. The board usually hires experts and knowledgeable group of individuals to oversee management activities on its behalf. Audit Committee is such a subcommittee under corporate governance framework to which the board delegates some of its oversight functions and responsibilities. Chen, Duh & Shiue (2008) carried out a study on non-US companies trading shares in US market and argued that an effective Audit Committee can resolve or reduce agency problems of foreign entities no matter the corporate governance model adopted in the entity’s home country. Dey (2008) found out that the level and intensity of agency problem is less in those entities where Audit Committees are more efficient and effective. Watts & Zimmerman (1996) explained managerial incentives for voluntary financial disclosure. Sound financial reporting practices ensure more administrative disclosure of financial information. As a result, the system of financial reporting has a role in resolving agency problem. As managers usually do not have regular interaction with shareholders, a distrust might exist due to distance and communication gap. Therefore, Audit committee can act as a bridge in such gaps. Chen, Duh & Shiue (2008) accurately and vividly mentioned that Audit Committee could help to maintain contact between management and shareholders.
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The Potential Adoption of IFRS for U.S. Issuers: A Textual Analysis of Responses to the Proposal

The Potential Adoption of IFRS for U.S. Issuers: A Textual Analysis of Responses to the Proposal

This paper uses textual analysis to analyse the comments received by the U.S. SEC on the proposal to allow U.S. listed companies to prepare financial statements following International Financial Reporting Standards (IFRS). The paper contributes to the understanding of the overall desirability of international accounting convergence as well as the politics involved in attempting to reach consensus on such decisions. Most respondents supported the proposal. Respondents outlined the advantages of adopting IFRS as enhanced comparability, simplification, cost savings, extensive information sets, its capacity to improve the standard setting process, and its potential to serve U.S. interests. On the other hand, a minority of respondents were not supportive of the proposal. There was criticism of the lack of independence, enforcement mechanisms and resource availability of the IASB; the deleterious effect on U.S. interests; the questionable quality of the IFRS; and the perceived myths of convergence. Following the review of such comments, the paper outlines the implications of such a potential adoption of IFRS in U.S. to the Asian region as the pressure to extend IFRS to non-listed companies mounts. The paper also argues that Asian countries need to lobby for higher representation on the IASB and consider local customs, law and context while adopting IFRS, as such factors have been stressed upon by U.S. respondents to the SEC’s proposal.
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RELEVANCE OF FINANCIAL REPORTING ON PROFITABILITY OF QUOTED COMPANIES IN NIGERIA

RELEVANCE OF FINANCIAL REPORTING ON PROFITABILITY OF QUOTED COMPANIES IN NIGERIA

Since the dramatic collapse of the Enron Corporation, an American company, in 2001, and the subsequent dissolution of Arthur Andersen, which was then one of the Big five. Audit and accountancy firms around the world have been seen as laughable organization, because of their inconsistency in reporting and poorly structured accounting standard, Infact, according to Bratton (2002) Enron failure was described as the biggest audit failure of all time, because WorldCom another American company in telecommunication industry with over US$107 billion in assets, also suddenly collapsed just after one year of the Enron misfortune (i.e2002). This financial scandals and the financial crunch facing the economy of most nations have resulted in increased attention to improve and enforce quality financial reporting practices worldwide in order to reform the global economy, which has made stock market regulatory body such as the Nigerian Stock Exchange (NSE) to direct all companies, quoted on the exchange to ensure they adopt the IFRSs by December 2011 while the Central Bank of Nigeria has also directed Nigerian banks to adopt the IFRSs by December 2010 (Egedegbe, 2009). But, despite all this financial regulation most quoted organization still evade this regulation through fraudulent mechanisms which involves them ensuring that the audited financials records sent to the central bank of .The problem of this study is therefore, to examine why quoted organizations in Nigeria still involve themselves in sharp practices despite the guidance put in place by various regulatory bodies in Nigeria. Existing studies on financial reporting(e.g. Ferdy, Geert, & Suzanne,2009; Mohammadi, 2014; Hassan,2013) only consider financial reporting and investment, financial reporting and qualitative characteristic, but to the best of the researcher‟s knowledge none of these studies have considered how financial performance and quality financial reporting can affect quoted companies.
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INTERNAL CORPORATE GOVERNANCE AND FINANCIAL REPORTING QUALITY: A REVIEW OF LITERATURE

INTERNAL CORPORATE GOVERNANCE AND FINANCIAL REPORTING QUALITY: A REVIEW OF LITERATURE

In addition, Bravo and Alvarado (2019) studied the analyses whether the role played by independent directors in monitoring the financial reporting process is affected by certain personal characteristics. Specifically, we focus on the tenure and the number of directorships that independent director’s hold. Their sample is composed of US listed firms for the period 2008–2012. After performing several robustness checks and sensitivity analyses, they have documented a positive association between board independence and financial reporting quality. However, this association is presented only for certain values of directors’ tenure and external directorships. This evidence suggests that the effectiveness of independent directors in their monitoring tasks is affected by these personal characteristics. In particular, our results indicate that long tenures and a high number of directorships compromise the ability to monitor. They further suggest the need for a more specific approach, based on the personal characteristics of independent directors, in order to study their influence on corporate decisions.
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International Financial Reporting Standard (IFRS) Adoption and Its Impact on Financial Reporting: Evidence from Listed Nigeria Oil and Gas Companies

International Financial Reporting Standard (IFRS) Adoption and Its Impact on Financial Reporting: Evidence from Listed Nigeria Oil and Gas Companies

In view of the seemingly inexorable rise of IFRS as the global accounting benchmark (Chua and Taylor, 2008) and critics’ concerns over its uniform applicability and relevance to different institutional, political, and economic contexts (Cahan, Liu, and Sun, 2008), it is increasingly important to empirically examine the impact of IFRS adoption on accounting quality in countries of different contexts (Liu, et al. 2011). Global adoption of international accounting standards has been increasingly debated. Supporters of International Financial Reporting Standards (IFRS) argue that the use of IFRS increases the quality of financial reporting and benefits investors (Daske et al., 2008). Opponents argue that a single set of standards may not be suitable for all settings and thus may not uniformly improve value relevance and reliability due to differences among countries (Soderstrom and Sun, 2007). Empirical studies have mixed results on quality change after the adoption of IFRS in different countries. One of the inter-nationality dimensions is that the standard is not closely aligned with the economic or political institutions of any particular nation (Chua and Taylor, 2008), so there are arguments for assessment of IFRS practice on a country-by-country basis (Nobes, 2006).
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CORPORATE GOVERNANCE CHARACTERISTICS AND TIMELINESS OF FINANCIAL REPORTING IN NIGERIA

CORPORATE GOVERNANCE CHARACTERISTICS AND TIMELINESS OF FINANCIAL REPORTING IN NIGERIA

Licensed under Creative Common Page 21 contrast, there is a dearth of research on the subject in developing economies (e.g. Nigeria). The present study empirically examined the corporate governance characteristics and timeliness of financial reporting in Nigeria. Secondary data were used for the study and the data were sourced from annual reports of 18 companies listed on the Nigerian stock exchange (NSE) as at 31st December, 2018. In determining the dependent variable, financial reporting time lag was used while board size, board independence and audit committee independence was used to examine corporate governance characteristics. The study utilized panel data analysis with the application of ordinary least square (OLS) regression to test the hypotheses and to ascertain the significant relationship between board size, board independence, audit committee independence and timeliness of financial reporting of listed companies in Nigeria. The findings revealed a significant positive relationship between, board size, board independence, audit committee independence and timeliness of financial reporting of listed companies in Nigeria. The study, therefore, recommends that listed companies in Nigeria should ensure that their corporate governance activities enhance timeliness of financial reporting.
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