AUDIT INDEPENDENCE: ENHANCING ACCOUNTABILITY AND TRANSPARENCY IN CORPORATE ORIGINATIONS
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The subject of transparency and accountability in modern day
corporate organizations has continued to receive attention as never
before. It has become a subject of discuss and empirical research both
in developed and developing countries of the world simply because of
some recent financial crises and corporate scandals. Greater
transparency and accountability are argued to improve the performance of
corporate organizations through better resource allocation, enhanced
efficiency and increasedÂ growth prospects (Chipwa, 2005).
transparency and accountability are central to the improvement of
corporate governance mechanisms. Basically, transparency is a vital
means of enhancing the performance and accountability of firmsÂ (Katra,
2003). Transparency is seen as critical for the culture of
accountability especially where market competition thrives (Katera,
2003). This implies that those with stake in the corporate organization
must have all relevant and material information regarding its affairs in
order to make proper judgment and if very necessary take remedies. This
becomes possible only if those charged with the day to day management
of the corporate organization are transparent and accountable enough.
This is premised on the fact that the task of managing the corporate
organizationsâ€™ affairs is fast moving in the ever-changing market or
business environment. The essence of transparency and accountability
especially in Nigeria as a developing country cannot be over emphasized.
In this regard, Katera (2003), submits that the key to business
survival, creating and maintaining wealth for the corporate
organizations lies primarily on systems of transparency and
accountability built into governance structures of such corporations.
There is therefore the need or quest to enhance transparency and
accountability so as to ensure shareholdersâ€™ wealth maximization and
overall performance of the corporate organization. Against this
backdrop, this study focuses on enhancing accountability and
transparency in corporate organizations in Nigeria.
- Statement of the Research Problem
Transparency and accountability are increasingly more topical,
broadly relevant, but also more under-researched in enterprises (Chipwa,
2005). Inspite of existing company regulation encompassing legislative
framework and guidelines which govern corporate activities, the lack of
or inadequate transparency and accountability encapsulated into sound
corporate governance practices has partly led to organizational failures
(Katera, 2003). To the best of our knowledge, literatures extensively
dealing on transparency and accountability in corporate organizations in
Nigeria are scanty. Similarly, the factors enhancing transparency and
accountability in corporate organizations in Nigeria have also received
little empirical research to the best of our knowledge. In the lightof
this existing gap, the following research questions are raised.
- Do audit committee enhance transparency and accountability in corporate organizations?.
- Does board independence enhance transparency and accountability in corporate organizations?
- How does ownership concentration enhance transparency and accountability in corporate organizations?
- Objectives of the Study
The objectives of this study are broadly classified into two general
objective and specific objectives. The general objective is basically on
enhancing transparency and accountability in corporate organizations.
However, the specific objectives of the study include:
- To find out if audit committee enhances transparency and accountability in corporate organizations.
- To determine if board independence enhances transparency and accountability in corporate organizations.
- To ascertain if ownership concentration enhances transparency and accountability in corporate organizations.
1.4 Research Hypotheses
In this study, the null hypothesis are used and stated as follows:
- H0: audit committee does not enhance transparency and accountability in corporate organizations.
- H0: Board independence does not enhance transparency and accountability in corporate organizations.
- H0: Ownership concentration does not enhance transparency and accountability in corporate organizations.
- Scope the study
This study focuses on enhancing transparency and accountability in
corporate organizations. The study further examines the variables that
enhance the transparency and accountability in the Nigerian banking
industry. The quoted banks whose operations are based in Benin
metropolis are examined via structured questionnaire with a view to
1.6 Significance of the Study
subject matter of this becomes relevant drawing from present day
financial crises rocking firms in developed countries and in developing
countries such as Nigeria.
Firstly, the results of this study will be
of interest to corporate regulators such as the federal government and
central bank of Nigeria. This is because regulation aimed at making
businesses or corporate organizations more transparent and accountable
will have benefits to ordinary investors who rely on company
managementâ€™s corporate governance and financial disclosures and will
aid the overall development of the Nigeria economy.
audit profession will be interested in the research results simply
because evidence that corporate organizations are not transparent and
accountable could suggest that auditors need to me more vigilant.
Thirdly, the findings of this study will be beneficial for company management who seek to attract external investment.
little academic research has been done on this subject matter in
Nigeria. Thus, this study will enrich the literature on the corporate
reporting practices, transparency and accountability of firms, thereby
adding to the body of knowledge.
Lastly future, researchers definitely will find the outcome of the study useful in terms of reference materials.
1.7 Limitations of the Study
This study is limited by such factors as:
Respondentsâ€™ response:Â Some of the respondents may resent
giving out useful information on the subject matter. There is the
problem of generalizing the outcome of the study to non-banking industry
in that the factors that may enhance transparency and accountability
could differ markedly
AUDIT INDEPENDENCE: ENHANCING ACCOUNTABILITY AND TRANSPARENCY IN CORPORATE ORIGINATIONS
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