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An Evaluation of the Relationship Between Audit Committees and Financial Transparency: A Study of Nigerian Breweries Plc

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Background of the Study

Audit committees are integral to corporate governance frameworks, tasked with overseeing financial reporting processes, risk management, and the integrity of internal and external audits. Their effectiveness is closely linked to financial transparency, which is essential for fostering investor confidence and organizational accountability (ICAN, 2024).

Nigerian Breweries Plc, a leading company in Nigeria’s beverage industry, is a model for corporate governance and financial transparency. The role of its audit committee in promoting transparent financial practices is crucial in meeting regulatory requirements and maintaining stakeholder trust. However, challenges such as inadequate expertise, insufficient independence, and limited enforcement of audit recommendations may undermine the committee’s effectiveness.

This study evaluates the relationship between audit committees and financial transparency at Nigerian Breweries Plc, offering insights into best practices and areas for improvement in corporate governance.

Statement of the Problem

Financial scandals and a lack of transparency in financial reporting have plagued many Nigerian corporations, highlighting the need for effective audit committees. While audit committees are expected to enhance financial transparency, factors such as conflicts of interest, insufficient knowledge of financial processes, and weak regulatory oversight can diminish their impact.

At Nigerian Breweries Plc, understanding how the audit committee contributes to financial transparency can provide valuable lessons for other organizations seeking to strengthen their governance structures. This study explores the relationship between audit committees and financial transparency, addressing gaps in their functionality and proposing strategies for enhancement.

Objectives of the Study

  1. To evaluate the role of the audit committee in promoting financial transparency at Nigerian Breweries Plc.

  2. To identify factors influencing the effectiveness of audit committees in Nigerian corporations.

  3. To recommend strategies for enhancing the role of audit committees in ensuring financial transparency.

Research Questions

  1. How does the audit committee at Nigerian Breweries Plc promote financial transparency?

  2. What factors affect the effectiveness of audit committees in Nigerian corporations?

  3. What strategies can improve the role of audit committees in enhancing financial transparency?

Research Hypotheses

  1. H₁: The audit committee significantly enhances financial transparency at Nigerian Breweries Plc.

  2. H₂: Factors such as independence and expertise affect the effectiveness of audit committees.

  3. H₃: Improved governance practices strengthen the relationship between audit committees and financial transparency.

Scope and Limitations of the Study

The study focuses on Nigerian Breweries Plc, analyzing the relationship between its audit committee and financial transparency over the period 2023–2025. Limitations include potential bias in data obtained from audit committee members and the reliance on secondary data sources.

Definitions of Terms

  • Audit Committee: A subcommittee of the board of directors responsible for overseeing financial reporting and audit processes.

  • Financial Transparency: The extent to which an organization’s financial information is open, accurate, and accessible to stakeholders.

  • Nigerian Breweries Plc: A leading Nigerian company in the beverage industry and a subsidiary of Heineken N.V.





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