Public policy on corporate audit committees : case study evidence of current practice

Turley, Stuart & Zaman, Mahbub (2003) Public policy on corporate audit committees : case study evidence of current practice. Certified Accountants Educational Trust, London, United Kingdom. [Working Paper]


Corporate failures and malpractices have led to an increasing emphasis on the governance role of audit committees. The Smith report Audit Committee Combined Code Guidance and the Higgs Review of the Role and Effectiveness of Non-Executive Directors (now incorporated in a Revised Combined Code) represent further attempts to strengthen corporate accountability in the UK. Although the regulatory focus on audit committees indicates confidence in their role as part of the solution to governance failures, questions remain about their efficacy in practice. Against the background of the publication of the Smith report and the wider reliance on audit committees in several countries to help improve corporate accountability, this paper provides research evidence, drawn from an ACCA-sponsored project, on the processes and effects of the audit committees in three UK companies. This study complements other research on audit committees by adopting a case study approach, in order to reflect the importance of investigating audit committee operations from within the organisation and to develop a closer understanding of audit committee impact than is available from generally observable data. The empirical evidence for the case studies was obtained from semi-structured interviews with personnel involved in the audit committee process, internal documents made available by the companies, and publicly available information, including annual reports.

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ID Code: 76228
Item Type: Working Paper
Refereed: No
Additional Information: ACCA occasional research paper
Additional URLs:
Keywords: audit committees, governance role of audit committees, Audit committee impact on governance, Audit committee meetings in case companies
ISBN: 9781859083949
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
Deposited On: 08 Dec 2014 22:46
Last Modified: 14 Dec 2014 23:17

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