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Abstract:
Financial reporting is perceived no longer as a low priority book keeping exercise, but a central function for directing a company under good corporate governance principles. This study is an empirical investigation of corporate governance and financial reporting quality of quoted companies in Nigeria. In order to achieve the objectives of the study, a total of fifteen firms quoted on the Nigerian stock exchange market under the consumer goods sector with updated financial information for the period under study were selected and analyzed for the study. Data for the study were extracted from corporate annual reports and accounts of selected firms for the period 2012-2016. Data for corporate governance proxied by board size and audit committee independence were extracted from the notes from annual reports and financial reporting quality was represented by audit delay. In testing the research hypothesis, the study adopted simple regression techniques for the quoted sampled firms analyzed. The findings revealed that audit committee independence does not exert significant effect on audit delay of corporate firms. Also, board size has a significant negative relationship with audit delay of corporate firms in Nigeria. Consequent upon this study, it was recommended that corporate policies should reflect commitment to company variables such as board size that will significantly impact the quality of financial reporting. This position is borne out of the preponderance of the negative relationship between board size and audit delay.
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