IMPACT OF AUDIT COMMITTEE ATTRIBUTES ON FINANCIAL REPORTING QUALITY IN NIGERIAN QUOTED COMPANIES

The objective of this study is to evaluate the impact of Audit Committee on financial reporting quality in Nigerian quoted companies. Data for the study were derived from annual reports of one hundred and thirty- one (131) companies quoted on the Nigerian Stock Exchange for the periods, 2006 to 2012. The data were analyzed using descriptive statistics as well as correlation and Ordinary Least Squares (OLS) regression. The multivariate regression technique was utilized to estimate the model. Using the panel regression estimation results, we found that each of the identified audit committee attributes, such as: frequency of meetings, financial literacy, independence, size and attendance at meetings had a positive significant effect on financial reporting quality. Based on these findings, the paper recommends the need for training and seminars to be organized for members of audit committee with a view to enabling them keep abreast of up to date information as regards their roles and responsibilities, to make them more effective and efficient in their assignments. In addition, the Securities and Exchange Commission of Nigeria should put in place a regulation, which ensures that audit committee members maintain at least, an attendance level of 85%, for them to be retained in the audit committee for the following financial yea