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- Title
The association between audit committee effectiveness and audit risk.
- Authors
Contessotto, Christine; Moroney, Robyn; Monroe, Gary
- Abstract
Audit committees ( ACs) are expected to play a key role in improving financial statement integrity and as a consequence reduce audit risk. Companies reporting conformity with regulations can have an AC that appears effective but is not actually effective in substance. We surveyed audit partners and managers to identify their indicators of actual AC effectiveness (auditor-chosen list). We hypothesize a negative association between AC effectiveness and audit risk, only when an auditor-chosen list, rather than extent of conformity with regulations, is used to measure effectiveness. Results support our expectations.
- Subjects
AUDIT committees; FINANCIAL statements; AUDIT risk; CONFORMITY; CORPORATE governance; STOCK exchanges
- Publication
Accounting & Finance, 2014, Vol 54, Issue 2, p393
- ISSN
0810-5391
- Publication type
Article
- DOI
10.1111/acfi.12010