IMPACT OF CORPORATE GOVERNANCE ON AUDIT QUALITY OF QUOTED FIRMS IN NIGERIA
Keywords:
Corporate Governance, Audit Quality, Board Size, Board Independence,, Audit Committee Independence.Abstract
This study focused on the impact of corporate governance on audit quality of quoted firms in Nigeria. The study looked at the effects of board size, board independence and audit committee independence on audit quality with firm size and firm age as control variables. The sample of the study consists of forty (40) non-financial quoted firms on the Nigerian Stock Exchange Market. Secondary data on audit quality, board size, audit committee independence, board independence were sourced from the annual financial statements reports of the listed non – financial firms on Nigerian Stock Exchange from the period 2010 – 2017. Ordinary Least Square regression with the aid of E-view 9.0 was used to test the formulated hypotheses. The findings of the study revealed that board size exhibit positive significant effect on audit quality. Also board independence shows positive significant effect on audit quality, while audit committee independence shows significant effect on audit quality. Based on the findings of the study, the researchers recommended that regulatory bodies such as the Financial Reporting Council of Nigeria and other regulatory bodies in line with best global practices should take a thorough look at corporate governance practices and its impact on audit quality. Also there is need for regulatory bodies such as Security and Exchange Commission (SEC) to mandate corporate governance practices that affect positive audit quality in Nigeria.
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