Article2004

A study of the audit committees' functioning in Bahrain

42 citations0/0 files storedManagerial Auditing Journal

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Auditing, Earnings Management, Governance Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

Audit committees (ACs) are a powerful tool in effective corporate governance. This study examines the functioning of ACs in Bahrain from the responses of 30 companies listed on the Bahrain stock exchange. Data were collected from questionnaires from companies and the audit firms. The study primarily focuses on the extent to which companies in Bahrain have been following the standard recommendations and guidelines provided by the blue ribbon committee (BRC). Size, type of auditors and industry type influence the establishment of ACs in Bahrain. The establishment of ACs have been slow yet, most of the companies have been following by and large BRC's recommendations. However, the concept of independent ACs is yet to be popularized in Bahrain. ACs do not report their findings to shareholders, but other functions seem to accord with the BRC's recommendations. However, some perceptions of audit firms negate the claims of the companies to comply with BRC recommendations.

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References

1983Separation of Ownership and Control 1983Agency Problems and Residual Claims 2000Audit Committee Composition and Auditor Reporting 2014Internal Control: Integrated Framework 2002Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literature 1994The use of audit committees for monitoring 2001Internal control—integrated framework: who is responsible?1999Audit committee activity and agency costs

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