Business, Management and Accounting
8 years ago

Audit committee independence crucial for high-quality financial reporting in Australia.

Audit committee effectiveness: Australia and Saudi Arabia
Ibrahim Al-Lehaidan

Paper Summary

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The study looked at how effective audit committees are in Australia and Saudi Arabia. They wanted to see if having a good audit committee led to better financial reporting and choosing a high-quality auditor. They found that in Australia, having a strong audit committee was linked to picking a specialized auditor and spending less on non-audit services. But in Saudi Arabia, this link wasn't seen. The study also found that having independent audit committees was crucial for good audit quality and spending on non-audit services in Australian companies. This shows that different factors like market development and culture can affect how well audit committees work.