Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Audit Committees in Private and Public Sector Corporates in New Zealand: An Empirical Investigation

Audit Committees in Private and Public Sector Corporates in New Zealand: An Empirical Investigation This study sought to ascertain the incidence of audit committees in private and public sector corporates in New Zealand; the reasons for their adoption; their membership, administration and functions; disclosures relating to audit committees in annual reports; the attributes likely to enhance audit committees' effectiveness; and their perceived advantages and disadvantages. To accomplish this a mail survey was conducted amongst external auditors, internal auditors, chairpersons of significant private and public sector entities, and financial statement users. The survey found that about 60% of significant private and public sector corporates had audit committees, that these committees are expected to play a broad governance role, and that key players in the corporate arena support them strongly. However, it also found that the effectiveness of audit committees could be increased by having their objectives and responsibilities clearly defined in a written statement, and by disclosing their existence, membership and objectives in corporate annual reports. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Auditing Wiley

Audit Committees in Private and Public Sector Corporates in New Zealand: An Empirical Investigation

Loading next page...
 
/lp/wiley/audit-committees-in-private-and-public-sector-corporates-in-new-pgCCEM0x0A

References (14)

Publisher
Wiley
Copyright
Copyright © 1998 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1090-6738
eISSN
1099-1123
DOI
10.1111/1099-1123.00030
Publisher site
See Article on Publisher Site

Abstract

This study sought to ascertain the incidence of audit committees in private and public sector corporates in New Zealand; the reasons for their adoption; their membership, administration and functions; disclosures relating to audit committees in annual reports; the attributes likely to enhance audit committees' effectiveness; and their perceived advantages and disadvantages. To accomplish this a mail survey was conducted amongst external auditors, internal auditors, chairpersons of significant private and public sector entities, and financial statement users. The survey found that about 60% of significant private and public sector corporates had audit committees, that these committees are expected to play a broad governance role, and that key players in the corporate arena support them strongly. However, it also found that the effectiveness of audit committees could be increased by having their objectives and responsibilities clearly defined in a written statement, and by disclosing their existence, membership and objectives in corporate annual reports.

Journal

International Journal of AuditingWiley

Published: Mar 1, 1998

There are no references for this article.