Open AccessA Critical Analysis of the Development of the Roles and Responsibilities of the UK Audit Committee for Effective and Good Governance
Publication year - 2022
Publication title -
global journal of arts, humanities and social sciences
Language(s) - English
Resource type - Journals
eISSN - 2052-6369
pISSN - 2052-6350
DOI - 10.37745/gjahss.2013/vol10no3pp.18-42
Subject(s) - audit committee , accounting , foundation (evidence) , audit , corporate governance , business , public sector , exploratory research , private sector , constraint (computer aided design) , audit plan , commission , internal audit , audit evidence , chief audit executive , joint audit , empirical evidence , public relations , political science , finance , sociology , law , engineering , mechanical engineering , philosophy , epistemology , anthropology
The main purpose of this research is to identify the responsibilities and roles of the UK audit committee on the effectiveness of Foundation Trusts (FTs) in the UK, as it relates to good and effective governance. The study is exploratory and explanatory in nature. The study is motivated by the dearth of empirical studies as compared to the private sector. The conflicting and complex nature of the accounting expectations underscores the constraint on how the corporate administration mechanism contributes to the effectiveness and efficiency of the public sector performance. The findings show that the audit committee’s functions are effective, although still developing and with some challenges. It was recommended that more intensive training programs should be organized for associates of the audit commission; Auditors must be more professional in carrying out their duties, with ethical considerations, encourage cordial relationship with the management, and a more frequent interaction with the management of Foundation Trust (FTs) in order to develop reliable and quality accounting reports.