Effect Of Audit Committee Attributes On The Financial Reporting Quality Of Listed Conglomerate Firms In Nigerian
1.1 Background to the Study
A common feature of the corporate form of business is the separation between ownership and control (Sandra minkailu and Garba 2004). Some of the owners of the business lack time or skills to run the businesses so they appoint managers and saddle them with the responsibility of directing the business profitably to create value for its owners and other stakeholders. Due to the fact that owners are usually not involved in running the business it would be difficult for them and other interested stakeholders to value the Asset and Liabilities of the business accurately. Managers on their own part may not be sincere enough to present the true picture of the performance and profitability of the business but are allowed to make judgment within the Generally Accepted Accounting Principles (GAAP) on some accounting related issues like stock valuation, estimating depreciation, amount to be set aside as provision against bad debt and warranty expenses (Bagno and watts, 2005).
Financial reporting has been generally recognized as a very important area in accounting because it serves as a powerful link between users and managers in accessing the result of operation and financial position of the firm. Financial reporting credibility is reflected in the confidence of users of audited financial reports (Watkins, Hillison & Morecroft, 2004) (Akhor, 2017).
Financial reporting is a key ingredient required for the corporate governance system to function successfully. The accountants and auditors who are the main providers of information to capital market participants are expected to exercise high degree of due care and exhibit professional competence in the accounts audited by them. The directors of the company will expect that management prepare the financial statements and should be in compliance with statutory and ethical obligations, Auditor’s competence and creditability (Dignam & Lowry, 2006 Adeyemi & Fagbemi, 2011). Ogbonna (2010) spoted that any society that lacks ethical thoughts may not survive for a long time to achieve its desired goals and objectives and that of its stakeholders.
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