The composition of nonprofit audit committees

Accounting Horizons

Volumn 20, Issue 1, 2006, Pages 75-90

  Vermeer, Thomas E ^a   Raghunandan, K ^b   Forgione, Dana A ^b  

^a UNIVERSITY OF BALTIMORE   (United States)

^b FLORIDA INTERNATIONAL UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33751562239     PISSN: 08887993     EISSN: 15587975     Source Type: Journal    
DOI: 10.2308/acch.2006.20.1.75     Document Type: Review

References (58)

1. Abbott, L. J., S. Parker, G. F. Peters, and K. Raghunandan. 2003. An empirical investigation of audit fees, non-audit fees and audit committees. Contemporary Accounting Research (Summer 2003): 215-234.
2. _, _, and _. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory 23 (Spring): 69-87.
3. American Institute of Certified Public Accountants (AICPA). 2005. Audit Committee Toolkit; Nonprofit Organizations. New York, NY: AICPA. Available at: http://www.aicpa.org/Audcommctr/toolkitsnpo/homepage.htm.
4. Anheier, H. K., S. Toepler, and S. Sokolowski. 1997. The implications of government funding of nonprofit organizations: Three propositions. International Journal of Public Sector Management (June): 190-213.
5. Archambeault, D., and F. T. DeZoort. 2001. Auditor opinion shopping and the audit committee: An analysis of suspicious auditor switches. International Journal of Auditing 5 (March): 33-52.
6. Beasley, M. S., J. V. Carcello, D. R. Hermanson, and P. D. Lapides. 2000. Fraudulent financial reporting: Consideration of industry traits and corporate governance mechanisms. Accounting Horizons (December): 441-454.
7. Blue Ribbon Committee (BRC). 1999. Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees. New York, NY: New York Stock Exchange and National Association of Securities Dealers.
8. Brown, W. A. 2005. Exploring the association between board and organizational performance in nonprofit organizations. Nonprofit Management and Leadership (Spring): 317-339.
9. Bryan-Low, C. 2003. Accounting firms aim to dispel cloud of corporate fraud. Wall Street Journal (May 27): C1.
10. Carcello, J. V., and T. L. Neal. 2000. Audit committee composition and auditor reporting. The Accounting Review (October): 453-467.
11. _, and _. 2003. Audit committee characteristics and auditor dismissals following "new" going-concern reports. The Accounting Review (January): 95-117.
12. _. 2005. Discussion of: Audit research after Sarbanes-Oxley. Auditing: A Journal of Practice & Theory (Supplement).
13. _, D. Hermanson, and K. Raghunandan. 2005. Factors associated with U.S. public companies' investment in internal auditing. Accounting Horizons (June): 65-80.
14. Chang, C., and H. Tuckman. 1990. Why do nonprofit managers accumulate surpluses, and how much do they accumulate? Nonprofit Management and Leadership (2): 117-135.
15. Charity Navigator. 2004. Attorney General Lockyer Unveils Reforms to Toughen Nonprofit Accountability, Fundraiser Controls. Available at: http://www.charitynavigator.org/index.cfm/bay/content.view/catid/38/cpid/191. htm.
16. Chaves, M., L. Stephens, and J. Galaskiewicz. 2004. Does government funding suppress nonprofits' political activity? American Sociological Review (April): 292-316.
17. DeFond, M., 1992. The association between changes in client firm agency costs and auditor switching. Auditing: A Journal of Practice & Theory (Spring): 16-31.
18. _, and J. R. Francis. 2005. Audit research after Sarbanes-Oxley. Auditing: A Journal of Practice & Theory (Supplement).
19. DeZoort, T. 1998. An analysis of experience effects on audit committee members' judgments. Accounting, Organizations and Society (January): 1-22.
20. _, D. R. Hermanson, D. Archambeault, and S. Reed. 2002. Audit committee effectiveness: A synthesis of the empirical audit committee literature. Journal of Accounting Literature 21: 38-75.
21. _, _, and R. W. Houston. 2003a. Audit committee support for auditors: The effects of materiah'ty justification and accounting precision. Journal of Accounting and Public Policy 22 (2): 175-199.
22. _, _, and _. 2003b. Audit committee member support for proposed audit adjustments: A source credibility perspective. Auditing: A Journal of Practice & Theory (September): 189-205.
23. Financial Accounting Standards Board (FASB). 1993. Financial Statements for Not-for-Profit Organizations. Statement of Financial Accounting Standards No. 117. Norwalk, CT: FASB.
24. Francis, J. R., and E. R. Wilson. 1988. Auditor changes: A joint test of theories relating to agency costs and auditor differentiation. The Accounting Review (October): 663-682.
25. Froelich, K. A. 1999. Diversification of revenue strategies: Evolving resource dependence in nonprofit organizations. Nonprofit and Voluntary Sector Quarterly 28: 246-268.
26. Gronbjerg, K. A. 1993. Understanding Nonprofit Funding: Managing Revenues in Social Services and Community Development Organizations. San Francisco, CA: Jossey Bass.
27. Hempel, J., and A. Borrus. 2004. Now the nonprofits need cleaning up: Cozy boardrooms at colleges and charities face increasing government scrutiny. BusinessWeek (June 21): 107.
28. Hermalin, B. E., and M. S. Weisbach. 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review 9 (1): 7-26.
29. Hillman, A. J., and T. Dalziel. 2003. Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review (23): 383-396.
30. Hindo, B., and I. Sager. 2003. Audit clients get the heave-ho. BusinessWeek (December 1): 7.
31. Hymowitz, C. 2005. In Sarbanes-Oxley era, running a nonprofit getting harder. Wall Street Journal (June 21): B1.
32. Independent Sector. 2002. Nonprofit Almanac and Desk Reference. Washington, D.C.: Independent Sector.
33. _. 2003. The Sarbanes Oxley Act and Implications for Nonprofit Organizations. Washington, D.C.: Independent Sector. Available at: http://www.independentsector.org/PDFs/sarbanesoxley.pdf
34. Jensen, M., and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
35. Klein, A. 2002. Economic determinants of audit committee independence. The Accounting Review (April): 435-452.
36. McCarthy, J. 2003. Sarbanes-Oxley: How Will It Affect Nonprofits and Higher Education Institutions? New York, NY: PricewaterhouseCoopers.
37. McDaniel, L., R. Martin, and L. Maines. 2002. Evaluating financial reporting quality: The effects of financial expertise versus financial literacy. The Accounting Review (Supplement): 139-167.
38. McMullen, D., and K. Raghunandan. 1996. Audit committees and financial reporting problems. Journal of Accountancy (August): 79-81.
39. Miller, J. L. 2002. The board as a monitor of organizational activity: The applicability of agency theory to nonprofit boards. Nonprofit Management & Leadership (Summer): 429-450.
40. Miller-Millesen, J. L. 2003. Understanding the behavior of nonprofit boards of directors: A theory-based approach. Nonprofit and Voluntary Sector Quarterly (December): 521-547.
41. National Council of Nonprofit Associations (NCNA). 2004. State Corporate Governance Proposals and Bills: 2004. Washington, D.C.: NCNA.
42. Office of Management and Budget (OMB). 1997. Circular A-133: Audits of States, Local Governments and Nonprofit Organizations. Available at: http://whitehouse.gov/omb/circulars
43. Pfeffer, J., and G. Salancik. 1978. The External Control of Organizations: A Resource Dependence Perspective. New York, NY: Harper and Row.
44. Raghunandan, K., W. J. Read, and D. V. Rama. 2001. Audit committee characteristics, "gray" directors, and interaction with internal auditing. Accounting Horizons (June): 105-118.
45. _, and D. Rama. 2003. Audit committee composition and shareholder actions: Evidence from voting on auditor ratification. Auditing: A Journal of Practice & Theory (September): 253-264.
46. _, and _. 2005. Audit committee financial expertise and the frequency of audit committee meetings. Working paper, Florida International University, Miami, FL.
47. Salmon, J. L. 2002. Nonprofits show losses in the public's trust: Surveys find changes since terror attacks. The Washington Post (September 9): A2.
48. Scarbrough, P., D. Rama, and K. Raghunandan. 1998. Audit committees' interaction with internal auditing: Canadian evidence. Accounting Horizons (March): 51-62.
49. Securities and Exchange Commission (SEC). 1999. Audit Committee Disclosure. Release No. 34-42266. Washington, D.C.: Government Printing Office. Available at: http://www.sec.gov/rules/final/34-42266.htm.
50. _. 2003a. Final Rule: Standards Related to Listed Company Audit Committees. SEC Release Nos. Nos. 33-8330; 34-47654. Washington, D.C.: Government Printing Office, Available at: http://www.sec.gov/rules/final/33- 8220.htm.
51. _. 2003b. NASD and NYSE Rulemaking: Relating to Corporate Governance. SEC Release No. 34-48745. Washington, D.C.: Government Printing Office. Available at: http://www.sec.gov/rules/sro/34-48745.htm.
52. Smith, S. R., and M. Lipsky. 1993. Nonprofits for Hire: The Welfare State in the Age of Contracting. Cambridge, MA: Harvard University Press.
53. Technical Assistance for Community Services (TACS). 2004. Nonprofit Questions and Answers. Available at: http://www.tacs.org/qa/qa.asp?tpID=23.
54. Tieman, J. 2003. Not-for-profits are likely to adopt new fiscal rules. Modem Healthcare (June 2): 6.
55. U.S. House of Representatives. 2002. Public Law No. 107-204. Washington, D.C.: Government Printing Office.
56. U.S. Senate. 2004. Exempt status reforms: Staff discussion draft. Senate Finance Committee. Available at: http://finance.senate.gov/hearings/testimony/ 2004test/062204stfdis.pdf.
57. Wall Street Journal. 2005. Bids and offers. (March 11): C4.
58. Wells, R. 2005. Senate hearing probes tax abuse by charity groups. Wall Street Journal (April 6): D2.