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Patel, Arvind
- Enhancing Audit Committee Independence in Corporate Governance: an Alternative View of Appointment and Reporting Structure
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Authors
Veer S Varma
1,
Arvind Patel
1
Affiliations
1 School of Accounting and Finance, University of the South Pacific, Suva, FJ
1 School of Accounting and Finance, University of the South Pacific, Suva, FJ
Source
International Journal of Business Ethics in Developing Economies, Vol 1, No 1 (2012), Pagination: 43-62Abstract
Globalization of audit committees as a common mechanism of corporate governance is one of the most significant developments during the last two decades in several countries (including United States, Singapore, United Kingdom, Australia and Canada). Following the recent saga of corporate failures and the dramatic collapse of Enron, Worldcom, Cendant and HIH on the international arena and National Bank of Fiji locally (Fiji Islands), it provides continuing evidence of failures of corporate governance at all levels including senior management, boards of directors, the audit committee, external auditors, financial regulators and the accounting and auditing profession. Probably, at present this is the hottest issue and it provides a watershed opportunity for this study to contribute to our understanding of the value and potential of audit committees as a governance mechanism by bringing together arguments associated with their appointment and reporting structure in the context of the agency theory approach.
This study is based on the theme 'audit committee independence in corporate governance' and in particular 'the appointment and reporting structure of audit committees affecting their independence in the corporate governance practices of private sector corporations, in particular, the listed public companies in Fiji'. The advent of these Independent audit committees in Fiji would facilitate the setting up of international collaboration approach to the globalisation of audit committees in corporate governance. This would be achieved in terms of new and improved auditing standards, and the mounting pressure from institutional investors and stakeholders would allow for greater compliance to prevent ethical and financial crisis.
Keywords
Agency Theory, Audit Committee Appointment, Reporting and Independence, Financial Reporting Reliability and Corporate Governance
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- The Impact of Audit Committee Appointment and Reporting Arrangements on Audit Committees' Independence
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Authors
Affiliations
1 School of Accounting and Finance, University of the South Pacific, Suva, Fiji Islands.
1 School of Accounting and Finance, University of the South Pacific, Suva, Fiji Islands.
Source
Journal of Commerce and Accounting Research, Vol 1, No 3 (2012), Pagination: 8-16Abstract
This study investigates impact of audit committee appointment and reporting arrangements on audit committees' independence in resolving auditor-management disputes. Corporate governance is one of the critical issues in business today. Corporate governance practice provides the structure through which the objectives of the company are set, the means of attaining those objectives are met and monitoring the performance of the companies is determined. Amongst the many branches of corporate governance, the financial reporting system is one which closely relates to the concept of corporate governance and accountability. The effect of sound corporate governance practices on the quality of financial reporting has recently received attention from many researchers, particularly in the U.S. (McMullen, 1996; Beasley et al., 2000; Abbott et al., 2000). In order to gain confidence in the organizations around the world, corporations must provide users with relevant, reliable and timely information in order to enhance the quality and integrity of the financial reporting process. (Imhoff, 2003).The role of auditing in the corporate governance structure is essential in the flow of quality information to the market participants. However, the governance literature has only just begun to consider the role of the audit as a component governance device (Anderson et al. 1993). Such a role emerged during the early 20th century when shareholders appointed representatives such as the board of directors, who serve their interests in the corporations. There responsibilities were to look out for the interests of the owners and to oversee the management of the entity. As part of their refinement process, these boards eventually added 'audit committees' as one of their sub-committees to address some of the more sensitive governance issues in these corporations.
Keywords
Audit Committee, Corporate Governance, Auditor-management DisputeReferences
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