Audit committee effectiveness: A public sector case study

Managerial Auditing Journal

Volumn 25, Issue 5, 2010, Pages 427-443

  Magrane, Johnathan ^a   Malthus, Sue ^b  

^a WHK Nelson   (New Zealand)

^b NELSON MARLBOROUGH INSTITUTE OF TECHNOLOGY   (New Zealand)

Author keywords

Audit committees; Health services; New Zealand; Public sector organizations

Indexed keywords

EID: 77953603177     PISSN: 02686902     EISSN: None     Source Type: Journal    
DOI: 10.1108/02686901011041821     Document Type: Article

References (35)

1. Abbott, L., Parker, S. and Peters, G. (2004), "Audit committee characteristics and restatements" in Auditing: A Journal of Practice & Theory, Vol. 23, No. 1, pp. 69-87.
2. Australian National Audit Office (2005), Public Sector Audit Committees, Australian National Audit Office, Canberra.
3. Bradbury, M. (1990), "The incentives for voluntary audit committee formation" in Journal of Accounting & Public Policy, Vol. 9, No. 1, pp. 19-36.
4. BRC (1999), Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees, Blue Ribbon Committee, New York Stock Exchange and National Association of Securities Dealers, New York, NY.
5. Cadbury Committee (1992), Report of the Committee on the Financial Aspects of Corporate Governance Including Code of Best Practice, GEE Company, London.
6. Collier, P. and Zaman, M. (2005), "Convergence in European corporate governance" in Corporate Governance: International Review, Vol. 13, No. 4, pp. 753-68.
7. Crown Entities Act (2004), available at: www.legislation.govt.nz/act/public/2004/0115/latest/DLM329631.html (accessed 31 August 2008).
8. De Zoort, F., Hermanson, D. and Houston, R. (2003), "Audit committee support for auditors: the effects of materiality justification and accounting precision" in Journal of Accounting & Public Policy, Vol. 22, No. 2, pp. 31-47.
9. De Zoort, F., Hermanson, D., Archambeault, D. and Reed, S. (2002), "Audit committee effectiveness: a synthesis of the empirical audit committee literature" in Journal of Accounting Literature, Vol. 21, pp. 38-75.
10. Gendron, Y., Bedard, J. and Gosselin, M. (2004), "Getting inside the black box: a field study of practices in 'effective' audit committees" in Auditing, Vol. 23, No. 1, pp. 153-71.
11. Hartley, S. (2008), "Risk of grievance claim blocked Swann audit", available at: www.odt.co.nz/news/dunedin/35775/chance-grievance-claim-prevented-audit-swann (accessed 2 February 2010).
12. Hsu, H.-E. (2008), "Audit committees in US entrepreneurial firms" in Journal of American Academy of Business, Vol. 13, No. 1, pp. 121-7.
13. ICANZ (2003), "Improving corporate reporting: a shared responsibility", Institute of Chartered Accountants of New Zealand, Wellington, report of the Institute of Chartered Accountants of New Zealand Working Group on Corporate Reporting.
14. IOD in New Zealand (1996), Audit Committees: Best Practice for New Zealand Directors, Institute of Directors, Wellington.
15. IOD in New Zealand (2007), Principles of Best Practice for New Zealand Directors, Institute of Directors, Wellington.
16. Klein, A. (2002), "Economic determinants of audit committee independence" in The Accounting Review, Vol. 77, No. 2, pp. 435-52.
17. Knapp, M. (1987), "An empirical study of audit committee support for auditors involved in technical disputes with client management" in The Accounting Review, Vol. 62, No. 3, pp. 578-88.
18. KPMG and Institute of Internal Auditors (2005), "Independence: an emerging issue for public sector audit committees", available at: www.kpmg.co.nz/pages/102812.html (accessed 22 January 2009).
19. Local Government Act (2002), available at: www.legislation.co.nz/act/public/2002/0084/latest/DLM170873.html (accessed 31 August 2008).
20. Menon, K. and Williams, J. (1994), "The use of audit committees for monitoring" in Journal of Accounting & Public Policy, Vol. 13, No. 2, pp. 121-39.
21. New Zealand Treasury (2008), Budget 2008.
22. NZX Limited (2003), "NZX listing rules", available at: www.nzx.com/regulations/rules/nzsx_and_nzdx_listing_rules (accessed 31 August 2008).
23. OAG (2008), Audit Committees in the Public Sector - Good Practice Guide, Office of the Auditor-General, Wellington.
24. Peart, M. (2008), "Otago health board fraud duo face lengthy jail terms", The National Business Review, available at: www.nbr.co.nz/article/otago-health-board-fraud-duo-face-lengthy-jail-terms-38708 (accessed 10 December 2009).
25. Pincus, K., Rusbarsky, M. and Won, J. (1989), "Voluntary formation of corporate audit committees among NASDAQ firms" in Journal of Accounting & Public Policy, Vol. 8, No. 4, pp. 239-66.
26. Porter, B. and Gendall, P. (1998), "Audit committees in private and public sector corporates in New Zealand: an empirical investigation" in International Journal of Auditing, Vol. 2, pp. 49-69.
27. Public Finance Act (1989), available at: www.legislation.co.nz/act/public/1989/0044/latest/DLM160809.html (accessed 31 August 2008).
28. Rainsbury, E. (2004), "Audit committee membership - a New Zealand perspective" in Pacific Accounting Review, Vol. 16, No. 2, pp. 45-66.
29. Rainsbury, E., Bradbury, M. and Cahan, S. (2008), "Firm characteristics and audit committees complying with 'best practice' membership guidelines" in Accounting and Business Research, Vol. 16, No. 5, pp. 393-408.
30. Sarbanes-Oxley Act (2002), available at: http://fl1.findlaw.com/news.findlaw.com/hdocs/docs/gwbush/sarbanesoxley072302.pdf (accessed 31 August 2008).
31. Schofield, E. (2008), "ODHB fraud spurs calls for better systems", available at: www.odt.co.nz/news/dunedin/35070/dhb-fraud-spurs-call (accessed 2 February 2010).
32. Securities Commission of New Zealand (2004), "Corporate governance in New Zealand: principles and guidelines", available at: www.seccom.govt.nz/publications/documents/governance-principles (accessed 21 November 2008).
33. Spira, L. (2006), "Black boxes, red herrings and white powder: UK audit committees in the 21st century" in Journal of Banking Regulation, Vol. 7, Nos 1/2, pp. 180-8.
34. Turley, S. and Zaman, M. (2007), "Audit committee effectiveness: informal processes and behavioural effects" in Accounting, Auditing & Accountability Journal, Vol. 20, No. 5, pp. 765-88.
35. Zhang, Y., Zhou, J. and Zhou, N. (2007), "Audit committee quality, auditor independence, and internal control weaknesses" in Journal of Accounting & Public Policy, Vol. 26, No. 3, pp. 300-29.