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ABSTRACT
With the ever increasing rate of fraudulent act, poor audit engagement and poor quality financial report in audit firms in Nigeria, this fact geared this study to examine factors affecting audit committee and quality financial report with concentration on audit characteristics such as its expertise, independence and audit size in South-south part of Nigeria. This is a descriptive survey. The target population is the South-south region of Nigeria consisting of 162 audit firm with a target sample of 26 audit firm selected from Benin metropolitan.
The main instrument used in the collection of data is questionnaire which was designed by the researcher. Data was analysed using frequency count and percentage. From the sample size, the study employed 100 questionnaires. The following facts were established from the findings: the audit committee size positively affects the quality of financial report, the audit committee expertise has a significant impact on the financial reporting quality and there is a positive relationship between audit committee independence and the financial report quality.
Thus, the study recommends proper and effective implementation of 2003 FRCN Act. According to Josiah et al (2013), the promulgation of the Financial Reporting Council of Nigeria (FRCN) Act was consequent to the structural defects of the Nigerian Accounting Standards Board (NASB) Adoption of IFRS. Scholars claimed that adopting IFRS would significantly improve the qualities of financial reports and lastly, the timeliness in delivering the financial reports is another factor to consider. Timeliness requires delivery of financial statement to different users of financial information at the right time without delay which will be as a result of good audit interaction and engagement.
