Abstract
This article examines the legal framework in Nigeria for audit committees, identifies and discusses the various gaps in the framework, which, the article argues, may undermine the committees’ effectiveness. The article argues that the Nigerian legal framework, which classifies the audit committee as a committee of the company rather than of the board, mandates shareholders’ representatives on the committee and forbids the committee’s members from receiving remuneration, may create more problems for the committee’s effectiveness. The article proposes reforms of the framework in light of global developments in this area
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