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Australian Audit Committees — Do They Meet Best Practice Guidelines?
Author(s) -
Psaros Jim,
Seamer Michael
Publication year - 2004
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2004.tb00244.x
Subject(s) - audit committee , audit , accounting , chief audit executive , audit evidence , joint audit , independence (probability theory) , audit plan , auditor independence , business , information technology audit , best practice , fell , internal audit , political science , law , geography , statistics , mathematics , cartography
The paper reports the results of a study of Australia's largest 250 companies' audit committees in two years (1998 and 2001). The audit committees were scrutinised on the bases of audit committee independence and the frequency of meetings. Australia's audit committees did not score highly on either criterion and most companies fell short of best practice guidelines. Further, it was puzzling and of concern that Australian audit committees appear to have deteriorated in terms of independence and frequency of meetings between 1998 and 2001.