The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria

The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria

The main objective of this study is to examine the extent of compliance with International Financial Reporting Standards 7 (IFRS 7) financial instruments disclosure requirements by listed financial institutions in Nigeria. In addition, this study investigates the relationship between corporate gover...

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Main Author: Zango, Adamu Garba
Format: Thesis
Language:eng
eng
Published: 2016
Subjects:
HF5667 Professional Ethics
Auditors.
Online Access:https://etd.uum.edu.my/7729/1/s95223_01.pdf
https://etd.uum.edu.my/7729/2/s95223_02.pdf
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institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Kamardin, Hasnah
Ishak, Rokiah
topic HF5667 Professional Ethics
Auditors.
spellingShingle HF5667 Professional Ethics
Auditors.
Zango, Adamu Garba
The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria
description The main objective of this study is to examine the extent of compliance with International Financial Reporting Standards 7 (IFRS 7) financial instruments disclosure requirements by listed financial institutions in Nigeria. In addition, this study investigates the relationship between corporate governance characteristics and IFRS 7, and also examines the moderating role of blockholder ownership on the relationship between corporate governance characteristics and IFRS 7. Panel data from the annual reports of 50 sampled financial institutions which consist of 20 banks and 30 insurances companies for a period of 3 years (2012-2014) were used in the study. Findings of the study indicate that the compliance with IFRS 7 is at 51% and showed steady improvement. In terms of risk type, the compliance was found to be lower in market and liquidity risk as compared to financial risks. The audit committee size, expertise, independence and meeting frequency are found positively and significantly affect IFRS 7 compliance. Similarly, risk management committee independence shows positive relationship with IFRS 7 compliance. The interaction between blockholder ownership and audit committee independence and risk management committee independence with IFRS 7 compliance shows significant and positive relationship. In this regard, the policy makers in Nigeria should formulate forward looking policies aimed at enhancing the role of independence in the audit and risk management committee to bring about strong internal control activities. They should also strengthen dealings on financial relationship between blockholding investors and minority shareholders to restore the confidence hitherto enjoyed by the Nigerian financial institutions. Findings of the study provide the needed input for policy formulation and decision making in Nigerian financial institutions.
format Thesis
qualification_name Ph.D.
qualification_level Doctorate
author Zango, Adamu Garba
author_facet Zango, Adamu Garba
author_sort Zango, Adamu Garba
title The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria
title_short The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria
title_full The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria
title_fullStr The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria
title_full_unstemmed The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria
title_sort effect of audit committee, risk management committee and block holder ownership on ifrs 7-financial instruments disclosure compliance of financial institutions in nigeria
granting_institution Universiti Utara Malaysia
granting_department Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate 2016
url https://etd.uum.edu.my/7729/1/s95223_01.pdf
https://etd.uum.edu.my/7729/2/s95223_02.pdf
_version_ 1747828255288721408
spelling my-uum-etd.77292021-12-08T03:15:22Z The effect of audit committee, risk management committee and block holder ownership on IFRS 7-financial instruments disclosure compliance of financial institutions in Nigeria 2016 Zango, Adamu Garba Kamardin, Hasnah Ishak, Rokiah Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Intan Safinaz School of Accountancy (TISSA) HF5667 Professional Ethics. Auditors. The main objective of this study is to examine the extent of compliance with International Financial Reporting Standards 7 (IFRS 7) financial instruments disclosure requirements by listed financial institutions in Nigeria. In addition, this study investigates the relationship between corporate governance characteristics and IFRS 7, and also examines the moderating role of blockholder ownership on the relationship between corporate governance characteristics and IFRS 7. Panel data from the annual reports of 50 sampled financial institutions which consist of 20 banks and 30 insurances companies for a period of 3 years (2012-2014) were used in the study. Findings of the study indicate that the compliance with IFRS 7 is at 51% and showed steady improvement. In terms of risk type, the compliance was found to be lower in market and liquidity risk as compared to financial risks. The audit committee size, expertise, independence and meeting frequency are found positively and significantly affect IFRS 7 compliance. Similarly, risk management committee independence shows positive relationship with IFRS 7 compliance. The interaction between blockholder ownership and audit committee independence and risk management committee independence with IFRS 7 compliance shows significant and positive relationship. In this regard, the policy makers in Nigeria should formulate forward looking policies aimed at enhancing the role of independence in the audit and risk management committee to bring about strong internal control activities. They should also strengthen dealings on financial relationship between blockholding investors and minority shareholders to restore the confidence hitherto enjoyed by the Nigerian financial institutions. Findings of the study provide the needed input for policy formulation and decision making in Nigerian financial institutions. 2016 Thesis https://etd.uum.edu.my/7729/ https://etd.uum.edu.my/7729/1/s95223_01.pdf text eng public https://etd.uum.edu.my/7729/2/s95223_02.pdf text eng public https://sierra.uum.edu.my/record=b1698397~S1 Ph.D. doctoral Universiti Utara Malaysia Abbott, L. J, Parker, S. & Peters, G. P. (2004). Audit committee characteristics and restatement. Auditing: A Journal of Practice and Theory, 3(1), 69-87. Abbott, L. J., Park, Y., & Parker, S. 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