The Impact Of Audit Characteristics On Firms’ Performance Of Selected Consumer Goods Companies Listed In The Nigerian Stock Market.
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TextPublisher: Ibafo Accounting And Finance 2021Edition: Dr. Pius OnichaborDescription: vi;,63pSubject(s): Social Science -- Accounting and FinanceSummary: ABSTRACT
This research was carried out in order to examine the impact of audit characteristics on firms’ performance of selected consumer goods companies listed in the Nigerian stock market. The research employed secondary data by adopting an ex-post facto design method that used panel data from audited financial statements of selected consumer goods industry for the period 2010-2019 which was purposively selected. Data was gathered from secondary sources, such as annual reports and accounts, and analyzed using descriptive, correlation, and regression techniques. The package used was Statistical Packages for Social Sciences (SPSS) Version 23 for the analysis of data. The descriptive statistics revealed the individual properties of the variables studied, whilst the inferential statistics employed simple linear regression and multiple linear regression analysis to test the hypothesis. Hypothesis one indicated that there is a significant positive impact of audit independent on firm performance (measured by Return on Assets, ROA) in the Nigeria stock market. Hypothesis two could not be tested due to the uniform nature of audit firm size of all the firms under study. This lack of variations in audit firm size means changes observe in firm performance (measured by ROA) in the Nigeria stock market could be ascribed to other extraneous variables or chance. Hypothesis three indicated that there is a non-significant weak negative effect of audit fee on firm performance (measured by Return on Assets, ROA) in the Nigeria stock market. Hypothesis four could not be tested due to the uniform nature of audit tenure of all the firms under study. This lack of variations in audit tenure means changes observe in firm performance (measured by ROA) in the Nigeria stock market could be attributed to other extraneous variables or due to chance. Lastly, Hypothesis five indicated that there is a significant negative effect of board composition (BC) on firm performance (measured by Return on Assets, ROA) in the Nigeria stock market. Consequently, it recommended that the management of quoted firms in Nigeria should increase the remuneration of auditors in order to improve their financial performance.
Keywords: Audit Independence, Audit fee, Audit tenure, Audit firm size, financial performance.
Word count: 338
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ABSTRACT
This research was carried out in order to examine the impact of audit characteristics on firms’ performance of selected consumer goods companies listed in the Nigerian stock market. The research employed secondary data by adopting an ex-post facto design method that used panel data from audited financial statements of selected consumer goods industry for the period 2010-2019 which was purposively selected. Data was gathered from secondary sources, such as annual reports and accounts, and analyzed using descriptive, correlation, and regression techniques. The package used was Statistical Packages for Social Sciences (SPSS) Version 23 for the analysis of data. The descriptive statistics revealed the individual properties of the variables studied, whilst the inferential statistics employed simple linear regression and multiple linear regression analysis to test the hypothesis. Hypothesis one indicated that there is a significant positive impact of audit independent on firm performance (measured by Return on Assets, ROA) in the Nigeria stock market. Hypothesis two could not be tested due to the uniform nature of audit firm size of all the firms under study. This lack of variations in audit firm size means changes observe in firm performance (measured by ROA) in the Nigeria stock market could be ascribed to other extraneous variables or chance. Hypothesis three indicated that there is a non-significant weak negative effect of audit fee on firm performance (measured by Return on Assets, ROA) in the Nigeria stock market. Hypothesis four could not be tested due to the uniform nature of audit tenure of all the firms under study. This lack of variations in audit tenure means changes observe in firm performance (measured by ROA) in the Nigeria stock market could be attributed to other extraneous variables or due to chance. Lastly, Hypothesis five indicated that there is a significant negative effect of board composition (BC) on firm performance (measured by Return on Assets, ROA) in the Nigeria stock market. Consequently, it recommended that the management of quoted firms in Nigeria should increase the remuneration of auditors in order to improve their financial performance.
Keywords: Audit Independence, Audit fee, Audit tenure, Audit firm size, financial performance.
Word count: 338
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