Title: Audit committee roles, responsibilities and characteristics in Ghana: the perception of 'agency stakeholders'

Authors: Teddy Ossei Kwakye; Godfred Matthew Yaw Owusu; Rita Amoah Bekoe

Addresses: Department of Accounting, University of Ghana Business School, University of Ghana, P.O. Box LG78, Legon-Accra, Ghana ' Department of Accounting, University of Ghana Business School, University of Ghana, P.O. Box LG78, Legon-Accra, Ghana ' Department of Accounting, University of Ghana Business School, University of Ghana, P.O. Box LG78, Legon-Accra, Ghana

Abstract: This paper examines the perception of firms' major 'agency stakeholders' - external auditors, investors and senior management - of Ghanaian listed companies on the roles, responsibilities and desirable characteristics of an effective corporate audit committee (AC). Employing a survey approach to this study, the paper documents that 'agency stakeholders' in Ghana associate the role and responsibilities of AC more with firms' internal audit function and processes than any other unit which AC has oversight responsibilities. It also demonstrates that corporate stakeholders do not attach the same level of importance to the roles, responsibilities and characteristics of AC. The paper, therefore, highlights the need for stakeholders to be aware of and consider the new dynamics of AC functions and processes with equal importance to promote effective practice.

Keywords: audit committee; corporate governance; GSE; Ghana Stock Exchange; internal audit; stakeholders; agency; perception; board of directors; emerging markets; effectiveness; roles and responsibilities; characteristics.

DOI: 10.1504/IJCG.2018.090620

International Journal of Corporate Governance, 2018 Vol.9 No.1, pp.73 - 90

Received: 14 Aug 2017
Accepted: 04 Jan 2018
Published online: 23 Mar 2018 *

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