This study seeks to determine whether audit committee compositional features are associated with the timeliness of financial reporting by Australian firms. Timeliness of financial reporting by firms, of which the length of an audit is a fundamental component, adds information content and impacts firm value, making an examination of audit report lag determinants important. Results indicate that audit committee members with financial expertise, prior audit committee experience and those who are independent are associated with shorter audit report lag. Results suggest that legislation mandating audit committee financial expertise and independence are effective also in improving the timeliness of financial reporting. More importantly, our results suggest that there may be benefits in constituting audit committees with other compositional features such as prior committee experience in overall efforts to improve the timeliness, and therefore quality, of financial reporting by firms.

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Using an Australian sample of 494 firm-year observations, this study finds that accounting financial expertise is the primary type of expertise that influences earnings conservatism, rather than nonaccounting financial expertise. The association between accounting financial expertise and conservatism holds only when the accounting financial expert(s) on audit committees is (are) independent. Overall, results suggest that audit committee accounting financial expertise is important in recognising the asymmetrical timeliness of losses. Findings provide a better understanding of the dynamics between audit committee financial expertise and earnings conservatism and demonstrate the importance of accounting financial expertise in improving financial reporting quality.

Purpose -The first objective of this study is to examine the nature and extent of intellectual capital (IC) information Australian hospitals disclose to their stakeholders (patients, general public, healthcare professionals) via the internet. The second objective is to examine whether four hospital characteristics influence the disclosure of IC-related information. Design/methodology/approach -Analysis reported in this study is based on IC disclosures by 128 hospitals on their internet web sites. IC disclosure is measured using an 85-item research constructed index that covers six major sub-categories. Measurement of IC disclosure was conducted during a four month period in the last third of 2005. Findings -It is found that whilst the incidence rate of hospitals disclosing IC information is high, the extent of IC disclosure is relatively low. The quantity of IC disclosure varied significantly between different IC sub-categories. In addition, the paper investigates possible determinants of variations in IC disclosure by Australian hospitals. Specifically, it is found that the quantity of IC information disclosed on a hospital web site varied according to the state location, designation as a private or public hospital, whether the hospital is specialized or general in its operations, and if the hospital is based in a city or regional location. A hospital's designation as being network or non-networked is not a significant determinant. Originality/value -Few studies have examined the disclosure of IC information by healthcare providers such as hospitals. No studies, to the knowledge of the authors, have examined the specific disclosure of IC information by hospitals on their internet web sites.

Purpose -The primary objective of this paper is to examine the association between the seven human-resource features (spanning three major themes: qualifications and credentials; business and initial public offering (IPO) launch experience; and diversity) of independent audit committee members and the level of underpricing. Design/methodology/approach -A sample of 410 Singapore IPOs listing on the stock exchange of Singapore from January 1, 1997 to December 31, 2006 was used. Findings -Empirical results overall suggest no overwhelming association between the human-resource features of IPO audit committees and underpricing. Rather, the findings suggest only some specific human-resource features (e.g. presence of an independent audit committee member with accounting qualifications and credentials) are of significance. Others (e.g. gender diversity of independent audit committee members) have little or no association. Also, results do not suggest a major category of human-resource features (i.e. qualifications and credentials, business and IPO launch experience, or diversity) is associated with underpricing. Time also does not appear to affect the results. Practical implications -As human-resource features tended to increase rather than lower an IPO's cost of capital, or had not influence at all, our findings generally do not support some policymakers' arguments for the introduction of mandated uniform audit committee structures. Rather, the results support flexibility to determine the properties of the audit committee. Originality/value -This study is one of the first (particularly outside the USA) to investigate linkages between audit committee human-resource features and underpricing. Whilst acknowledging some caveats associated with this study, such as focusing on a single nation, this paper contributes relevant insights to the debate about audit committee effectiveness.