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We investigate the association between a number of dimensions of corporate governance and the earnings quality of financial statements for Australian companies in 2000 and 2002, before and after a number of large corporate collapses. We create four dimensions of corporate governance, board, committee, ownership and audit quality, using fifteen individual corporate governance attributes. The results indicate that only the corporate governance dimension, audit quality, consisting of the presence and independence of the audit committee, its meeting frequency, the use of a big 6 auditor and the auditor's independence, appears to improve the quality of financial reports and only in 2002. Higher quality firms are more prominent in 2002, than in 2000, indicating an improvement in the reporting quality of firms across time. However the control variables persist in returning statistically significant results across 2000 and 2002. In particular, a positive relationship is found between earnings quality and firm size in 2000 and 2002. A positive association also exists between a company's earnings quality and its information environment for both years. A persistent negative relationship between earnings quality and firm leverage is also identified for 2000 and 2002, indicating that more highly leveraged firms have a significant association with lower quality accruals. This is an interesting result when you consider the recent debt problems with Centro.

Post-2001 corporate collapses: Is earnings quality more closely associated with various dimensions of corporate governance?