IMPACT OF AUDIT COMMITTEE ATTRIBUTES ON FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA

Abstract

The main aim of the study is to examine the impact of audit committee attributes on financial
performance of industrial goods sector in Nigeria. The study utilized six (6) industrial goods
sectors listed on the Nigerian Exchange Group (NGX) that have completed data from 2011 to 2021
annual financial reports. The secondary data were collected from the industrial goods sector
annual reports via internet and some from Securities and Exchange Commission. The method of
data analysis involved the use of descriptive statistics and inferential statistics. The method used
for analysis involves the use of descriptive Statistic, correlation and multiple regression models. The
findings of the study show that there is a negative and significant relationship Audit Committee
Size (ACSIZE) and financial performance. The implication of this variable is that the higher the
number sitting on the committee, the more distraction the committee has and that led to less
financial performance. The study also reveals positive but insignificant association between Audit
Committee Independence (ACIND), Audit Committee Meeting (ACMEET) and financial
performance of the listed industrial firms. The study recommends an increase in the number of
meetings by the committee since frequent number of meetings improved firms’ financial
performance.