AUDIT COMMITTEE CHARACTERISTICS AND PERFORMANCE OF QOUTED INSURANCE IN NIGERIA
Abstract
This study investigates the effect of Audit committee characteristics on the profitability of quoted Insurance Companies in Nigeria from 2013-2022. Audit committee characteristics was proxied by audit committee independence and audit committee financial expertise, while profitability was measured by return on asset of the sampled companies. The population and the sample size comprises the Twenty-five Insurance companies quoted on the Nigerian Exchange as at end of December, 2022. The data were sourced from the Annual Reports of the companies. The hypotheses were tested using random fixed effect regression. The results revealed that audit committee independence has an insignificant negative effect on profitability, while, audit committee financial expertise has a significant positive effect on profitability. The study recommends among others than Insurance Companies in Nigeria should minimize the number of Independent non-executive director members and increase the number of Finance and Accounting of Audit Committees for improved profitability.
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