Ethical Principles and Faithful Representation of Financial Reports of Quoted Companies in Nigeria (Published)
Business transaction records form the basis of financial statements which inform stewardship assessment and investment decisions. Good financial reports aid informed economic decisions which enhance efficiency in the allocation of resources. Allegations are rife of cases of deliberate falsification of financial statements even in the face of internal and external auditors, accounting standards and financial regulations. Using survey research design based on a population of 4893 accountants and auditors of 169 quoted companies and four regulatory bodies in Nigeria, the study investigated the relationship between ethical principles and faithful representation of financial reports. Four hundred copies of the research instrument with a reliability test coefficient of 0.830 using the Cronbach’s alpha statistics were distributed with a 92.5% return rate. Data analysis employed the use of descriptive and inferential statistics. The results indicate that ethical principles influence financial reporting quality significantly ( F(4, 366) = 298.719, Adj. R2 = 0.763, p = 0 .000). The study recommends continuous ethical orientation for accountants, managers and auditors of Nigerian quoted companies.
Keywords: Ethics, Faithful representation, Financial Report, Investment decisions, Quoted companies
Corporate Governance Structure and Timeliness of Financial Reports of Quoted Firms in Nigeria (Review Completed - Accepted)
This paper examines the impact of corporate governance on the timeliness of financial statements of quoted firms in Nigeria. To achieve this objective, data was collected from books, financial statements and journals. The data collected were analysed using relevant diagnostics tests, granger causality and multiple regression models. The result revealed a significant relationship between board independence and timeliness of financial reports; board size and timeliness of financial reports; board expertise and knowledge and timeliness of financial reports; board experience and timeliness of financial reports; also no significant relationship between CEO duality and timeliness of financial reports and board meetings and timeliness of financial reports. On the basis of the empirical result, the paper concludes that the application of appropriate corporate governance factors will go a long way to improve the timeliness of financial reports and quality financial statements Therefore, on the basis of the findings and conclusions of the study, we recommends that quoted companies should ensure that corporate governance codes are used in the day-to-day operations of corporation to achieve short, medium and long-term goals; government should ensure that regulatory agencies monitor the activities of corporations to ensure compliance with best practice. Also above all integrity, objectivity and fairness must be applied in the conduct of corporate business for financial statement needs be achieved for users
Keywords: Boards, Corporate Governance, Financial Report, Nigeria, Timeliness