The Impact of Audit Committee on Financial Performance of Insurance Firms in Nigeria

摘要

This study examined the effect of audit committee size on the financial performance of insurance companies in Nigeria between the year 2004 and 2015. The study used secondary data obtained from the annual report, National Insurance Commission Facts Books and Nigeria Stock Exchange Facts Books of fifteen selected insurance companies listed on the Nigeria stock exchange. The collected data were analyzed using descriptive statistics and regression analysis. The result revealed a significant negative correlation between audit committee and financial performance. The study recommended that the regulatory authorities focus more on other appropriate measure like competence (financial expert in committee) and independence of the committee that will ensure check and balance framework in the audit exercise and hence positive performance.