thesis audit committee

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I have an essay on college research paper idea subject: Many people prefer to rent a house rather than buying one. Describe the advantages and disadvantages for renting. Nowadays many people prefer renting a house to buying one, because they think it is cheap and essays property rental don't have to spend several years, saving money to buy a house. I am sure that most people can afford to rent a house and after they move in the house thay needn't worry about furnishing, painting and repairing the free full dissertations, because it has already been done by the owners. However, most people don't realise that renting a house can cost as much as buying a new one. Moreover if there is a damage such as a cracked wall or flood they will be responsible for fixing the problem. If you add the loan and all kinds of expenses for one year you will get the total amount of money you spent on living in a rented house and you can see whether it is worth it or not.

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Thesis audit committee

This poor quality financial reporting has led to reduced investor confidence and some of these companies are facing total collapse. This problem of poor quality financial reporting has caused the researcher to initiate carrying out the research. The purpose of the research is to establish whether a relationship exists between audit committee characteristics and quality of financial reporting holding other factors constant.

The research was quantitative in nature taking the form of survey zeroing in on the relationship between audit committee characteristics and quality of financial reporting. The research findings showed that poor quality financial reporting in state owned enterprises in the transport sector were mainly as a result of ineffective audit committees which lacked independence, financial expertise and which did not meet frequently.

Some of the recommendations are that audit committees should at least meet four times a year, the committee should have a minimum of three members with the majority or two thirds being independent members and also that at least one member of the committee should possess financial expertise. Additional Citation Information Chigwena, P. Unpublished Masters thesis.

University of Zimbabwe. Collections Faculty of Commerce e-Theses Collection []. Creative Commons. Through the past decades, it is observed an expansion between the relationship of internal audit department, internal control and audit committees. This paper has a purpose of examining the impact of the audit committee proxies Independence and size on the financial reporting quality as long as there is internal audit function within the firm.

The financial reporting quality of a company is related with the internal corporate governance mechanisms such as audit committee and internal audit function. OLS is used to regress the financial reporting quality variables on audit committee and internal audit function. In the last years, it is required from the law for a firm, to have an auditor to insure the financial reports as well as the corporate governance environment.

So, after the requirement of this law, the most companies decided to comply with it by improving the existence of the Audit Committee and the internal audit function. This means that the Audit Committee members started to meet more frequently and gain financial expertise. So, we can safely assume that an audit committee that get together for often have better results regarding financial reporting issues. It also gives the opportunity for further discussion and problems solution in the financial statements.

The findings of this dissertation suggest that is significant relationship between audit committee and financial reporting quality. Previous studies also showed that some of the corporate government mechanisms affect the financial reporting quality.

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Abstract The Zimbabwean economy in general and the State Owned enterprises in the transport sector in particular have been hard hit by a number of operational constraints which include among others; lack of affordable working capital, unavailability of economic enablers such as electrical power, antiquated machinery and poor corporate governance practices. Lack of effective audit committee has led to massive fraud cases and poor quality financial reporting in state owned companies in the transport sector.

This poor quality financial reporting has led to reduced investor confidence and some of these companies are facing total collapse. This problem of poor quality financial reporting has caused the researcher to initiate carrying out the research. The purpose of the research is to establish whether a relationship exists between audit committee characteristics and quality of financial reporting holding other factors constant.

The research was quantitative in nature taking the form of survey zeroing in on the relationship between audit committee characteristics and quality of financial reporting. The research findings showed that poor quality financial reporting in state owned enterprises in the transport sector were mainly as a result of ineffective audit committees which lacked independence, financial expertise and which did not meet frequently.

Some of the recommendations are that audit committees should at least meet four times a year, the committee should have a minimum of three members with the majority or two thirds being independent members and also that at least one member of the committee should possess financial expertise. Additional Citation Information Chigwena, P. Unpublished Masters thesis.

Nine hypotheses are derived from the two models. GLS random effects regression is used to test these hypotheses. The results reveal that board size, meetings frequency and CEO duality are positively and significantly associated with firm performance. Furthermore, audit committee independence, frequency of meetings and financial expertise have a significant positive association with firm performance, while audit committee size has a considerably negative association with firm performance.

Regulators can use the findings of this research to help them identify the essential attributes of corporate governance and to evaluate the board of directors and audit committee governance practices. Related items Showing items related by title, author, subject and abstract. Contemporary corporate governance models, namely the shareholder and stakeholder models, offer different advice on how best to manage and maximise the interests of the shareholders in a firm.

While the shareholder model Economic changes expose financial institutions to a wide range of risks. The crumbling of business enterprises and corporate scandals lead to loss of credibility. Unlike other non-financial institutions, banks are unique The purpose of this thesis is to investigate whether mutual fund governance has an effect on fund performance, fee structure, and stock selection and market timing of the Egyptian fund managers' pre-and-post

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Third, what is the relationship between audit and non-audit fees and how does the Audit Committee affect… Expand. Save to Library. Create Alert. Launch Research Feed. Share This Paper. Background Citations. Methods Citations. Results Citations.

Figures and Tables from this paper. Citation Type. Has PDF. Publication Type. More Filters. Corporate governance and the going concern evaluation of Jordanian listed companies at Amman stock exchange. Research Feed. Modified audit opinion and monitoring mechanisms: Empirical evidence from Malaysian public listed companies. View 1 excerpt, cites methods. The mediating effect of audit quality on the relationship between corporate governance and firm performance.

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With the current strengthening of corporate governance, auditors need to communicate audit findings to audit committees and audit committees are required to play a greater oversight role in the financial reporting process. It is assumed that by requiring audit committees to play a greater role in the auditors and management interaction to produce audited financial statements it will improve auditor independence, which in turn leads to improved financial reporting quality Spira, Despite the importance of audit committee oversight roles in the financial reporting process, the knowledge of the role of audit committees in the auditor-client interactions has been limited.

This has motivated the study to i explore the role of the audit committee in resolving disputed accounting issues between auditors and management to enhance the understanding of the nature of interactions between auditors, management and the audit committee, and ii examine in greater depth the perceived importance of audit committee expertise on the role of the audit committee in auditor-client interactions.

This study is conducted in two stages — first, in-depth interviews and, second, an experimental technique. Qualitative data collected through the interviews was used to explore the audit committee role in auditor-client interactions. Hence, a total of 21 interviews were conducted.

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Murphy, Brendan Joseph. Pong, Christopher Kam Man. Adams, Vanessa. Burnett, Kathryn M. Olsson, Johan, and Christian Ottoson. Hsu, Kevin. Smith, Heather Alison. Siddiqui, Javed. Neale, Ann Yvonne. ResearchSpace Auckland. Msibi, Derrick Thembinkosi Vusumuzi. Hogan, Chris Elizabeth. Enyeribe, Iwuh Ibezimako Augustus. Hogan, Chris E. Fransson, Oliver, and Simon Sleman. Drake, Philip D.

Serote, Paul. King, Rebecca Jane. AlHusaini, Walid A. Zerni, M. Carrihill, Michelle Margaret. Lonsdale, Jeremy Stephen John. To browse Academia. Skip to main content. Log In Sign Up. Download Free PDF. An empirical study of the roles of audit committee in promoting good corporate governance Wan Yusoff.

Download PDF. A short summary of this paper. An empirical study of the roles of audit committee in promoting good corporate governance. Wan Fauziah bt Wan Yusoff 2 fauziahy gmail. This paper is inclined to explore the roles of audit committee in promoting good corporate governance an empirical study of literature review.

The audit committee is established with the aim of enhancing confidence in the integrity of an organisation's processes and procedures relating to internal control and corporate reporting including financial reporting. Among many responsibilities the boards entrust the Audit Committee with the transparency and accuracy of financial reporting and disclosures, effectiveness of external and internal audit functions, robustness of the systems of internal audit and internal controls, effectiveness of anti-fraud, ethics and compliance systems, review of the functioning of the whistleblower mechanism.

Audit Committee has thus become one of the main pillars of the corporate governance system in every organisation. The methodology used is based on the review of information collected from secondary sources i. Key words: Auditing, Audit committee and corporate governance.

Following similar projects in areas of financial reporting, harmonization of governance structures internationally is an important area of current development. Nevertheless the fact that Audit Committees are now a common feature of corporate governance internationally, their effectiveness has been a subject of some concern to both researchers and regulators Spira, ; Turley and Zaman, , A typical example of this concern is the following reaction to the USA case of Enron, where the Audit Committee has been carped for failing to identify or prevent certain practices within the company: One of the mysteries of Enron Corp.

Existing research has offered limited insight on the operational conditions surrounding Audit Committee activities within organizations. Focusing on the interaction of the Audit Committee with board members and individuals from financial reporting and internal audit functions as well the external auditors. In this context, and given the variety of governance traditions that exists internationally, research that assists understanding of the ways in which mechanisms such as Audit Committees operate within organizations is important.

First, while most existing research has examined the existence and characteristics of Audit Committees, this paper also explain and contribute from the various studies carry out by various scholars on how Audit Committee promote good governance such as internal control, financial reporting, external and internal audit.

The focus of this paper is thus on the manner of Audit Committee activities and how this promote on governance outcomes. With changing times, the concept of internal auditing has undergone significant changes with regard to its definition, scope of coverage and approach. In some organizations, the scope of modern internal auditing has been broadened from financial issues to include value for money, evaluation of risk, managerial effectiveness and governance processes.

It is a control, which functions by examining and evaluating the adequacy and effectiveness of other controls. The objective of internal auditing is to assist members of the organization in the effective discharge of their responsibilities. The notable difference between the definitions of and as repeated in IIA is the prominence of objectivity in internal audit activities and also the emphasis on the evaluation and improvement of the effectiveness in risk management and governance processes.

The current definition also contemplates two main internal audit services: assurance and consulting services. Assurance services, according to IIA , p. The nature and scope of the assurance engagement are determined by the internal auditor. There are generally three parties involved in assurance services: 1. The person or group directly involved with the entity, operation, function, process, system, or other subject matter - the process owner, 2.

The person or group making the assessment - the internal auditor, and 3. The person or group using the assessment - the user. Internal auditing is conducted by persons within or outside the organisation and in diverse legal and cultural environment; within organizations that vary in purpose, size complexity, and structure. Even though the above different may affect the practice of internal auditing in each environment, conformance with the IIA International Standards for the Professional Practice of Internal Auditing Standards is essential in meeting the responsibilities of internal auditors and the internal audit activity IIA , p.

Role of Internal Auditing Gramling et al. Another way of evaluating the work of internal auditors is to examine how well they detect errors within an organization and there has been limited research on this topic. Consequently, another role of internal auditing can be identified as involving three main components the evaluation and improvement of risk management, control and governance processes. The three elements are reinforcements of the fundamentals of an internal audit function in the public sector.

Risk management, control and governance encompass the policies and procedures established to ensure the achievement of objectives and include the appropriate assessment of risk, the reliability of internal and external reporting and accountability processes, compliance with applicable laws and regulations, and compliance with the behavioural and ethical standards set for public organizations and employees. The importance of internal auditing has also been underpinned by the decision of the New York Stock Exchange NYSE to amend its listing requirements to mandate that all listed companies in the United States US have an audit committee NYSE to liaise between internal auditors, external auditors and management, ensuring the independence of the audit function.

There is evidence in the US that the Securities and Exchange Commission SEC also attaches importance to internal auditing as there have been recent cases where enforcement actions by the SEC and subsequent settlements have required the registrant to engage internal auditors Carcello et al. Given the perceived importance of internal audit as part of good corporate governance, these changes are likely to enhance the role and importance of internal audit in the Australian environment.

Studies have used an agency cost framework to illustrate the value relevance of the internal audit function e. While the variables of size, debt or agency are not associated with the presence of an internal audit function in Australian family owned companies, internal and external audit are used as monitoring substitutes by these companies Carey et al. A more recent US study examined the size of internal audit budgets and found that they were positively related to company size; leverage; financial, service, or utility industries; inventory; operating flows; and audit committee review of the internal audit budget Carcello et al.

Results showed that internal audit budgets were negatively related to the percentage of internal auditing that was outsourced. The overall conclusion was that companies facing higher risk will increase their organizational monitoring through internal audit, providing evidence of the importance of the internal audit function.

Relationship between Internal And External Audit. Professionally, internal auditors strive to create an effective function whose results can be relied upon by the external auditors as evidence of the overall strength of internal financial control. The detailed background knowledge which internal audit has of the organisation may be of particular value in allowing their external counterparts to understand the background and circumstances of the activity they are reviewing.

However, publicity about the role of external auditors in high profile private sector cases such as Enron has increased public and parliamentary expectations of external auditors, and has rightly or wrongly made public sector external auditors more cautious about the degree of reliance they place on internal audit Glass , p. Establishing a professional working relationship between the internal auditor and the external auditor should deliver benefits to both parties.

Such relationship allows potential overlaps and gaps in the overall audit activity to be identified and addressed, and assists in maximizing the extent to which external audit is able to rely on the work of internal audit in undertaking its work. Internal auditors also need to be aware of planned and actual external audit coverage in order to assist in identifying their information needs ANAO, , p.

An effective co-operation between internal and external audit helps both parties achieve their objectives and also helps them provide a better service to the bodies they work with and ultimately to Parliament and the public. However, such cooperation can only thrive in an environment where there is mutual confidence and the recognition that internal and external audits are both conducted within relevant professional standards and information exchanged is treated professionally and with integrity NAO, , p.

To many, the Audit Committee is the epitome of corporate governance. The business landscape is fast evolving, and correspondingly, Audit Committee s worldwide are being thrust into less-traditional roles and responsibilities like oversight of whistle-blowing arrangements, enterprise-risk management, fraud-risk analysis. Authority The audit committee has authority to conduct or authorize investigations into any matters within its scope of responsibility.

The board or its nominating committee will appoint committee members and the committee chair. Each committee member will be both independent and financially literate. At least one member shall be designated as the "financial expert," as defined by applicable legislation and regulation.

Some corporations have grown dramatically in a relatively short time through acquisitions funded by inflated share prices and promises of even brighter futures many of these corporations have now failed. In others, it seems as if the checks and balances that should protect shareholder interests were pushed to one side, driven by a perception of the need to move fast in the pursuit of the bottom line.

While some failures were the result of fraudulent accounting and other illegal practices, many of the same companies exhibited actual corporate governance risks such as conflicts of interest, inexperienced directors, overly lucrative compensation, or unequal share voting rights Anderson and Orsagh, In the face of such scandals and malpractices, there has been a renewed emphasis on corporate governance. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders and spells out the rules and procedures for making decisions in corporate affairs.

The key points of interest in corporate governance therefore include issues of transparency and accountability, the legal and regulatory environment, appropriate risk management measures, information flows and the responsibility of senior management and the board of directors. Many companies in the US have adopted legal compliance mechanisms which address ethics or conduct issues in formal documents Weaver et al , but much of this activity has been attributed to the U.

From an ethical dimension, at a fundamental level, the key issues of corporate governance involve questions concerning relationships and building trust both within and outside the organization.