Audit committees in Libyan banks fail to enhance external auditor independence.
The study looked at how audit committees and external auditors work together in Libyan banks to improve corporate governance. They used surveys and interviews with board members, audit committee members, and auditors. The findings show that the audit committees in these banks need to do better at monitoring external audits and supporting auditor independence. However, factors like meetings, financial expertise, diligence, and authority can help them be more effective in enhancing corporate governance. The study suggests that regulators, shareholders, and boards of directors in Libya should pay more attention to the role of audit committees in supporting external auditors.