Audit Committee Characteristics on Voluntary Financial Information Disclosure in Nigerian Deposit Money Banks

Abstract

This study explored the relationship between audit committee characteristics and voluntary financial information disclosure in Nigerian deposit money banks. The audit committee characteristics were measured by independence and expertise. Data was sourced from the annual reports and accounts of selected listed deposit money banks in the Nigerian Exchange Group Fact Book, covering the period from 2010 to 2021. The analysis employed the Ordinary Least Squares (OLS) multiple regression model using E-View 10. The findings revealed that audit committee independence does not have a significant relationship with voluntary financial information disclosure, whereas audit committee expertise does. The study concluded that Nigerian deposit money banks can enhance their voluntary financial disclosures by ensuring their audit committees are independent and possess substantial expertise. Consequently, the study recommended strengthening the independence and expertise of audit committees in deposit money banks.