Effect of Audit Committee Characteristics on the Financial Reporting Lag of Listed Service Companies in Nigeria

The contribution and roles played by audit committee size and independence on financial reporting lag have been a debatable subject in recent times due to its contribution in strengthening timely financial reporting of entities. Therefore, this study seeks to examine the effect of Audit Committee Characteristics on the Financial Reporting Lag of Listed Service Companies in Nigeria. The working sample of this study comprises of seventeen (17) companies for the period of ten (10) years 2015 to 2024. This study used secondary data. Audit committee size, and audit committee independence will proxy the independent variable and Financial Reporting Lag which serves as proxy for the dependent variable. Using correlation and multiple regression analysis, the results of the study show audit committee size has a significant negative effect on financial reporting lag of listed service companies in Nigeria over the period of the study. Audit committee independence show significant negative effect on financial reporting lag of listed service companies in Nigeria. Considering the negative and significant relationship between audit committee size and financial reporting quality, the board of directors of listed service companies in Nigeria should not only encourage the size of the committee but should also pay adequate attentions on the quality and independence of the committee member. This will give them maximum hands at the same time required knowledge and skills to improve the speed for timely preparation and presentation of financial statements.