The International Journal of Professional Management - ISSN 20422341
New Roles of Audit Committees
Volume 17, Issue 3, 2022
Alice Chin*
DBA candidate, Pole Paris Alternance
Email:alitchin@hotmail.com
Ooi Chin Lye
Email:ooichinlye@ymail.com
Abstract
The fundamentals of effective oversight arrangements and quality corporate governance are essential to ensure the shareholders' trust in the corporate board. It is more crucial, especially during the covid period, as the firms are facing rapidly changing risk and significant uncertainty. Thus, it entails a higher level of transparency and confidence in corporate reporting. The audit committee is a key component of effective corporate governance, and the covid pandemic causes a deliberated shift in their roles. This article conceptualises the new and enhanced agendas of the audit committee arising due to the covid. We argue that the corporate audit committee requires changes in terms of structural incentives, financial reporting, and audit functions, which will eventually improve corporate performance. This study contributes to the existing literature of the audit committee in terms of their role.
Keywords: Corporate governance, Transparency, Structural incentives, Financial reporting.
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