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Audit committee regulation in Australia : how far have we come?

Munro, Lois A. & Buckby, Sherrena (2008) Audit committee regulation in Australia : how far have we come? Australian Accounting Review, 18(4), pp. 310-323.

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Abstract

This paper presents a synopsis of the major developments in corporate governance regulations and recommendations for Australian audit committees categorised into three distinct period of regulation from 1976-2004. Prior Australian empirical research conducted on audit committee formation, audit committee member composition and audit committee diligence is summarised and compared. The research is then extended by presenting the results of an empirical study of 188 of the top 300 ASX listed companies with a financial year end of 30 June 2004, which is the first year of the third period of compliance. The results indicate that compliance with corporate governance regulations and recommendations has improved substantially with respect to: audit committee formation; the number of audit committee members, non-executive directors on the audit committee; financial expertise of audit committee members and the frequency of audit committee meetings. However, the number of independent directors on audit committees was well below ASX CGC best practice guidelines.

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ID Code: 17055
Item Type: Journal Article
Keywords: audit committee, corporate governance, australian stock exchange, australian stock exchange corporate governance council, best practice recommendations
DOI: 10.1111/j.1835-2561.2008.0020.x
ISSN: 1035-6908
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2008 Blackwell Publishing
Deposited On: 23 Dec 2008 08:18
Last Modified: 29 Feb 2012 23:42

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