Articlegreen2015

Audit committees: practices, practitioners and praxis of governance

86 citations0/0 files storedAccounting Auditing & Accountability Journal

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

Abstract

Purpose – The purpose of this paper is to review and critique prior research on audit committees using a practice-theory lens. Research on audit committees has followed the same trajectory as early research on boards of directors, which has been criticised for its singular theoretical perspectives and methodologies that do not capture the complexity of real-world experiences/behaviours. Design/methodology/approach – The authors devise an analytical framework based on practice theory to conduct the review. The authors examine what audit committees should do (i.e. best practice) vs what audit committees actually do (i.e. actual activities in practice – praxis). Attributes of audit committee members, and the relationship dynamics relevant to their role execution (i.e. practitioners), are considered. Findings – Research on boards has found that over-emphasis on agency theory’s monitoring role negatively impacts boards’ effectiveness. The authors invoke other theories in examining what audit committees do in practice. The authors characterise the role of audit committees as oversight not monitoring. The authors question whether, similar to auditing, audit committees are blamist tools or are genuinely orientated towards supporting improvements in organisational management systems. The authors unpack the ritualistic ceremonial behaviours and symbolic endeavours vs substantive engagement by audit committees. The analytical framework also considers the “guardianship circle” around audit committees in the form of the key practitioners and their relationships: audit committee members, auditors and managers. Originality/value – Drawing on the analytical framework, the authors provide directions for further opportunities for research of audit committees.

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References

2006Completing the Practice Turn in Strategy Research 2007Toward a political conception of corporate responsibility: Business and society seen from a habermasian perspective 2011Theorizing Practice and Practicing Theory 2011Building Theory about Theory Building: What Constitutes a Theoretical Contribution?2007Strategizing: The challenges of a practice perspective 2009The Audit Committee Oversight Process*2005Beyond Agency Conceptions of the Work of the Non‐Executive Director: Creating Accountability in the Boardroom 2002Corporate Governance and the Audit Process*

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