This study was inspired by the growing number of audit failures worldwide, particularly in Nigeria, which have discouraged users of financial reports. The interaction between audit committee attributes and audit quality in Nigerian-listed consumer goods businesses was experimentally investigated in this study. The study specifically examined how audit committee meetings, size, and audit financial expertise impacted audit quality in Nigerian- isted consumer goods companies between 2014 and 2023. Stakeholder theory served as the foundation for this research. This study employed a panel research approach, and secondary data were collected from the yearly financial publications of the selected firms listed on the Nigerian Exchange Group as of December 31, 2023. Panel data regression was the method of data estimate used in this investigation. The study outcomes demonstrated that the explanatory variables significantly influence the audit quality of the companies under investigation. The study found that the qualities of the audit committee had both favourable and adverse effects on the quality of the audits performed by these companies. Consequently, attaining a high standard of audit quality depends on all of the audit committee characteristics parameters assessed in this paper. The study recommends that entities should uphold a more extensive and equitable audit committee, with members who possess a variety of relevant skills that align with the company’s activities.

Keywords: Audit committee financial expertise, audit committee size, audit committee meeting, audit quality

This study investigates the relationship between IFRS 8 Operating Segments disclosure and the Weighted Average Cost of Capital (WACC) in emerging markets. Using a sample of 32 publicly listed companies from emerging markets for the period 2017-2022, the study employs a quantitative descriptive-analytical approach to examine this relationship. Four disclosure indices were developed to measure different dimensions of segment disclosure: The General Information Disclosure Index, the Profit/Loss and Assets/Liabilities Disclosure Index, the Reconciliation Quality Index, and the Entity-Wide Disclosure Index. The findings reveal that both the General Information Disclosure Index and the Profit/Loss and Assets/Liabilities Disclosure Index have a statistically significant inverse relationship with WACC, while the Reconciliation Quality Index and the Entity-Wide Disclosure Index demonstrate a statistically significant direct relationship with WACC. Collectively, these dimensions explain 45.6% of the variance in WACC. The study’s results help clarify the existing literature on segment reporting as to how different dimensions of segment disclosure influence a company’s cost of capital in emerging markets. The findings also have implications for corporate disclosure policies, investor decision- aking, and regulatory frameworks.

Keywords: IFRS 8, Operating Segments, Segment Disclosure, Weighted Average Cost of Capital, Emerging Markets, Information Asymmetry.

The purpose of this paper is to re-estimate the Black-Scholes option pricing model to include an additional parameter ?. This parameter focuses on time-varying volatility in an attempt to more precisely measure an executive stock option’s (ESO) stochastic life feature, a quality which has been inadequately captured by prior research using the constant volatility assumption. By re-estimating the Black-Scholes equation, we find that the value of an ESO may be significantly over or understated in comparison with the conventional Black-Scholes model which does not consider the ? parameter. As a result, it is argued that this modified version of the Black-Scholes model may be of interest to both practitioners and public policy makers. These include the Financial Accounting Standard Boards’ (FASB) which governs US GAAP (ASC 718), and the Institute of Chartered Accountants of India (ICAI) which governs Ind AS 102; policy makers that help to shape future accounting policy.

Keywords: ASC 718, Ind AS 102, Executive stock options, ? Parameter, Time-Varying Volatility, Black-Scholes Option model, Compensation Expense, Corporate Governance.

This study examines 262 Commission on Audit (COA) reports from Philippine city governments covering fiscal years 2022 and 2023 to understand what drives the issuance of unmodified (clean) audit opinions. Audit opinions are usually seen as technical judgments, but they also reflect how local governments behave, respond to oversight, and build their governance reputation over time. Using binomial logistic regression, the study tested seven possible factors: internal control findings, compliance findings, implementation of audit recommendations, total assets per capita, prior audit opinion, dependence on the Internal Revenue Allotment (IRA), and recognition through the Seal of Good Local Governance (SGLG). Implementation of audit recommendations, prior audit opinion, and SGLG recognition were statistically significant predictors of unmodified audit outcomes. Other variables showed no significant effect. These findings suggest that clean audit outcomes signal more than just compliance with accounting rules. They also capture an LGU’s commitment to improvement, consistency in performance, and credibility with stakeholders. The study offers practical lessons for policymakers and oversight agencies, particularly on strengthening audit follow-up, designing better incentive systems, supporting the capacity of local governments, and interpreting audit findings within the broader context of institutional performance. This study contributes to the limited empirical research on Philippine LGU audit outcomes by applying accountability, path dependency, and signalling theories. It underscores the role of institutional behaviour in shaping financial reporting credibility.

Keywords: Audit Opinion, Public Financial Accountability, Local Government, Accountability Theory, Signalling Theory, Path Dependency Theory.

The purpose of this conceptual paper is to develop a refined conceptual framework that links formal and informal management controls to the achievement of organizational adaptability, defined as the simultaneous pursuit of efficiency and innovation. Despite widespread recognition that management control systems (MCS) should adapt to dynamic environments, a significant gap persists between traditional control theory and the practical challenges of fostering both stability and change. Drawing on established literature in management control theory, organizational behaviour, and strategic management, this paper synthesizes fragmented research to propose a testable conceptual model. It specifies how the interplay of diagnostic and interactive controls, mediated by information mechanisms and moderated by organizational culture, jointly produces balanced performance outcomes. The framework positions hybrid control systems as performance drivers, with organizational culture moderating the alignment between control strategies and outcomes. The model positions the hybrid control systems as the drivers of performance and the organization culture as the medium between the control strategy and performance. It offers a unified and testable framework that integrates often-separated fields of management control and strategic innovation. This framework outlines what hybrid control systems are and how information mechanisms and organizational culture mediate and moderate them, providing a clear direction for research.

Keywords: Management Control Systems, Organizational Adaptability, Diagnostic Control, Interactive Control, Organizational Culture, Strategic Performance, Information Mechanisms, Organizational Performance.