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The effect of audit committee composition and structure on the performance of audit committees

The effect of audit committee composition and structure on the performance of audit committees This article attempts to examine audit committee composition and structure affecting and leading to enhanced audit committee performance, with due regard for the principles of good governance and international best practices. The article recommends the ideal composition and structure of the audit committee to assist committees to meet their requirements, to ensure optimal performance and to improve the effectiveness of their oversight of financial reporting and corporate governance. The framework developed could also be used as a guideline in the selection and recruitment process for audit committees. The requirements are based on the regulatory requirements of the King II Report on Corporate Governance in South Africa (2002), the Companies Amendment Act 20 of 2004, the Corporate Laws Amendment Bill (2006), the Public Finance Management Act (PFMA), the JSE Limited requirements, the Blue Ribbon Committee Report (1999) and the Sarbanes‐ Oxley Act of 2002 in the USA. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Meditari Accountancy Research Emerald Publishing

The effect of audit committee composition and structure on the performance of audit committees

I. Ferreira
Meditari Accountancy Research , Volume 16 (2): 18 – Oct 1, 2008
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References (7)

Publisher
Emerald Publishing
Copyright
Copyright © 2008 Emerald Group Publishing Limited. All rights reserved.
ISSN
1022-2529
DOI
10.1108/10222529200800014
Publisher site
See Article on Publisher Site

Abstract

This article attempts to examine audit committee composition and structure affecting and leading to enhanced audit committee performance, with due regard for the principles of good governance and international best practices. The article recommends the ideal composition and structure of the audit committee to assist committees to meet their requirements, to ensure optimal performance and to improve the effectiveness of their oversight of financial reporting and corporate governance. The framework developed could also be used as a guideline in the selection and recruitment process for audit committees. The requirements are based on the regulatory requirements of the King II Report on Corporate Governance in South Africa (2002), the Companies Amendment Act 20 of 2004, the Corporate Laws Amendment Bill (2006), the Public Finance Management Act (PFMA), the JSE Limited requirements, the Blue Ribbon Committee Report (1999) and the Sarbanes‐ Oxley Act of 2002 in the USA.

Journal

Meditari Accountancy Research – Emerald Publishing

Published: Oct 1, 2008

Keywords: Audit committees; Audit committee charter; Audit committee composition; Audit committee composition; Audit committee effectiveness; Audit committee members; Performance evaluation; Professional development

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