AUDIT COMMITTEE INDEPENDENCE AND AUDIT QUALITY OF QUOTED DEPOSIT MONEY BANKS IN NIGERIA

Abstract

The study determined the effect of audit committee independence on audit quality of deposit money banks in Nigeria. Ex-Post Facto research design was adopted for the study. Thirteen quoted deposit money banks were used as sample for the study. Data were extracted from annual reports and accounts of the sampled banks. Simple regression analysis was used to test the formulated hypotheses with aid of E-view version 9.0. Based on analysis, the study found that audit committee independence has a positive insignificant effect on audit quality of quoted Nigerian deposit money banks. Based on the findings, the study recommended that depository bank auditors in Nigeria must live up to the expectations set for their profession, which can be achieved by upholding the ethics of their profession by adhering to ethical rules such as honesty, objectivity and confidentiality.