Board Attributes and Timeliness of Financial Statement of Quoted Industrial Firms in Nigeria

Abstract

The coronavirus pandemic truncated the audit process in the developed and developing countries like Nigeria, the corporate reporting rules in Nigeria were relaxed in other to curb the spread of the virus which made it impossible for audit clients to gather the relevant data to prepare the financial report and the Nigerian Stock Exchange gave listed firms the timeframe to complete and submit their audited financial statements. According to NSE dated March 24, 2020, in a circular addressed to Dealing Members Firms (DMFs) in the decision to approve an impermanent suspension of Rule 7.4 on Submission of Financial and Non-Financial Reports to the Exchange) of the 2015 amended Rulebook of the Exchange. Due to the outbreak of coronavirus, the NSE granted all DMFs and added sixty (60) days to prepare and submit their end of the year report for December 31, 2019. The submission of the audited financial statement was protracted till May 29, 2020. The undue delay in the release of a financial report increases uncertainty among shareholders, although timely information available to shareholders enhances