ABSTRACT
This project
intends to examine the traditional factors that led to the emergence of Audit
Committees, the statutory requirements as to its composition, and its method
operation. Attention will also be focused on the roles and responsibility of
the audit committees. Data were gathered both from secondary and primary
sources, manifested in the Literature review, and the use of questionnaires and
interview schedules respectively. In the analysis of data, simple percentages
were used. The hypothesis were subsequently tested by the use of chi-square
statistical technique. Based on the analysis of the data, the following are the
major findings of the research; That audit committee exists in public limited
companies, that their power supersedes that of internal and external auditors,
that they ascertain whether the accounting and reporting policies of the
company is in accordance with legal and ethical practices, that they reviews
external auditors domestic reports, that they ascertains the effectiveness of
accounting and internal controls, that they increase the efficiency and
effectiveness of management. Audit committees must up of committed, hard
working competent individuals, following a well define mission and character so
that they can effectively serve the shareholders. In conclusion, its been
established that audit committee is being set up to review the annual financial
statement submitted by external auditors of public 'limited companies (PLC)
before submission to the board of directors, prior to annual general meeting,
who later submit same to shareholder at the Annual General Meeting.
SAMUEL, R (2021). Evaluation of the Role of Audit Committee in public Limited Company: A Study of "Selected Firm in Abia State". Mouau.afribary.org: Retrieved Nov 27, 2024, from https://repository.mouau.edu.ng/work/view/evaluation-of-the-role-of-audit-committee-in-public-limited-company-a-study-of-selected-firm-in-abia-state-7-2
RITA, SAMUEL. "Evaluation of the Role of Audit Committee in public Limited Company: A Study of "Selected Firm in Abia State"" Mouau.afribary.org. Mouau.afribary.org, 02 Aug. 2021, https://repository.mouau.edu.ng/work/view/evaluation-of-the-role-of-audit-committee-in-public-limited-company-a-study-of-selected-firm-in-abia-state-7-2. Accessed 27 Nov. 2024.
RITA, SAMUEL. "Evaluation of the Role of Audit Committee in public Limited Company: A Study of "Selected Firm in Abia State"". Mouau.afribary.org, Mouau.afribary.org, 02 Aug. 2021. Web. 27 Nov. 2024. < https://repository.mouau.edu.ng/work/view/evaluation-of-the-role-of-audit-committee-in-public-limited-company-a-study-of-selected-firm-in-abia-state-7-2 >.
RITA, SAMUEL. "Evaluation of the Role of Audit Committee in public Limited Company: A Study of "Selected Firm in Abia State"" Mouau.afribary.org (2021). Accessed 27 Nov. 2024. https://repository.mouau.edu.ng/work/view/evaluation-of-the-role-of-audit-committee-in-public-limited-company-a-study-of-selected-firm-in-abia-state-7-2