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You want to know about our audit committee? Well, our deputy
chairman says its a complete waste of time because none of the members
know enough about the company to make any useful contribution and they
dont know what the audit committee is meant to do anywayno, I dont
agree with himwell, come to lunch and well tell you..
The flurry of comment after the publication of the report of the
Cadbury Committee on the Financial Aspects of Corporate Governance in
1992 suggested that research in this area might be of considerable interest.
Since audit committees appeared to play a significant role in the Cadbury
prescription for corporate governance improvement, I began to read about
them. I accumulated a pile of relevant books, pamphlets and papers but as
the pile grew, the idea of exploring it became less appealing. Much more
interesting to find out about audit committees from the people who sat on
them. A telephone call to a finance director friend elicited the response
quoted above. The lunch was good and the contrast in views expressed about
the value of audit committees was intriguing: the first ideas for this study
were born.
A sub-committee of the board of directors, the audit committee is
charged with matters relating to financial reporting and audit, the
mechanisms through which the board is held accountable to shareholders,
Structures and processes to ensure accountability have been examined in
detail in corporate governance research but scant attention has been paid to
the people involved in the everyday practice of corporate governance. This
study explores the activities of the audit committee from the perspectives of
the individuals involved, highlighting the dynamics of their relationships and
offering different insights into the role which the audit committee plays.
1.1
Chapter 1
Chapter 1
1.2
Chapter 1