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Abstract
The study appraised the impact of Nigeria Local Government Accounting System and Financial Reporting in Nigeria using Orumba North Local Government Area as evidence of Study. Local government employee size, Local Government Complexity, Auditors Competence (AUC) are the independent variables while timeliness of financial reporting (TOFR) represented the dependent variable. Survey design was used for this study and Taro Yamane (1964) was used to select a sample size of 44 representatives out of a population of 50, while a final balance of 40 questionnaires were received from the respondents respectively. Data were collected, regressed and analyzed using Statistical Package for Social Sciences (SPSS) 25 where Linear Regression, were run effectively. The findings revealed that in Hypothesis I, the hypothesis test if LGES carries a significant impact on TOFR. Local Government Employee Size was found to have an insignificant effect on Firm’s Timeliness of Financial Reporting. Therefore, we accept the null hypothesis and reject the alternative hypothesis. While in hypothesis II, the hypothesis tested if LGC carries a significant impact on TOFR. Local Government Complexity was found to have significant effect on Firm’s Timeliness of Financial Reporting. Therefore, we reject the null hypothesis and accept the alternative hypothesis. This shows that Local Government Complexity has a significant effect on Firm’s Timeliness of Financial Reporting. In Hypothesis III, the hypothesis tested if AUC carries a significant impact on TOFR. The dependent variable TOFR was regressed on predicting variable AUC to test the hypothesis HA3. AUC significantly predicted TOFR, F (1, 42) = 2.035, P > 0.001, which indicates that the AUC can play an insignificant role in shaping TOFR (b = -.515, P > 0.001). Auditors Competence was found to have an insignificant effect on Firm’s Timeliness of Financial Reporting. One of our recommendations was that local government, as a third-tier government, should not be scrapped or changed to local administration; it should be strengthened and democratized instead. Officials of the local government should always be elected and not appointed and that there should be full autonomy and not be dependent on the state government for funds and rather allocation should come from FAAC. Keywords: Nigeria Local Government, Accounting System, Financial Reporting