How the Source of Audit Committee Accounting Expertise Influences Financial Reporting Timeliness

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This article summarizes "The Association between Characteristics of Audit Committee Accounting Experts, Audit Committee Chairs, and Financial Reporting Timeliness" (Abernathy, Beyer, Masli, and Stefaniak 2014), which investigates the association between audit committee members' accounting expertise and financial reporting timeliness. While we find a positive relation between audit committee accounting expertise and financial reporting timeliness, interestingly, we also find that accounting expertise gained from public accounting experience is associated with more timely financial reporting than accounting expertise gained from CFO experience. We discuss implications of these findings for auditors, companies, and regulators.