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Convergence in European Corporate Governance: the audit committee concept


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  • Paul Collier
  • Mahbub Zaman

    (Accounting & Finance at the Manchester Business School, University of Manchester.)

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    This paper analyses recent corporate governance codes issued by 20 countries for evidence of convergence in corporate governance systems in Europe. The analysis shows that there has been a degree of convergence towards an Anglo-Saxon model of corporate governance as the audit committee concept is widely accepted in countries with both unitary and two-tier governance systems. Further, the latest audit committee recommendations in countries that have issued several governance codes show a strengthening of the recommendations for an audit committee over time in line with the Anglo-Saxon audit committee concept and convergence with the debate in the US and UK on issues such as the independence and financial expertise of members. However, consistent with the literature on the convergence of European corporate governance systems, at an operational level there is limited consistency in the recommended structure and role of audit committees. Copyright Blackwell Publishing Ltd 2005.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Corporate Governance: An International Review.

    Volume (Year): 13 (2005)
    Issue (Month): 6 (November)
    Pages: 753-768

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    Handle: RePEc:bla:corgov:v:13:y:2005:i:6:p:753-768

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    Cited by:
    1. Greco, Giulio, 2012. "Governance codes and types of issuer. An empirical research on a global sample," MPRA Paper 37854, University Library of Munich, Germany.
    2. Stuart Turley & Mahbub Zaman, 2007. "Audit committee effectiveness: informal processes and behavioural effects," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 20(5), pages 765-788, August.
    3. Karin Jonnergård & Anna Stafsudd, 2011. "The making of active boards in Swedish public companies," Journal of Management and Governance, Springer, vol. 15(1), pages 123-155, February.
    4. Barbara, Petracci, 2011. "Trading when you cannot trade: Blackout periods in Italian firms," International Review of Law and Economics, Elsevier, vol. 31(3), pages 196-204, September.
    5. Marlene Davies, 2009. "Effective working relationships between audit committees and internal audit—the cornerstone of corporate governance in local authorities, a Welsh perspective," Journal of Management and Governance, Springer, vol. 13(1), pages 41-73, May.
    6. Compernolle, Tiphaine, 2009. "La construction collective de l'indépendance du commissaire aux comptes : la place du comité d'audit," Economics Papers from University Paris Dauphine 123456789/7549, Paris Dauphine University.
    7. G. Sarens & I. De Beelde, 2006. "Internal audit: the expert in providing comfort to the audit committee. The case of risk management and internal control," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 06/428, Ghent University, Faculty of Economics and Business Administration.
    8. Pieter-Jan Bezemer & Gregory F. Maassen & Frans A. J. Van den Bosch & Henk W. Volberda, 2007. "Investigating the Development of the Internal and External Service Tasks of Non-executive Directors: the case of the Netherlands (1997-2005)," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1119-1129, November.
    9. Kwansagool Tengamnuay & Pamela Stapleton, 2009. "The role of the audit committee in Thailand: a mature monitoring mechanism or an evolving process?," Journal of Management and Governance, Springer, vol. 13(3), pages 131-161, August.
    10. Marlene Davies & Bernadette Schlitzer, 2008. "The impracticality of an international “one size fits all” corporate governance code of best practice," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(6), pages 532-544, July.
    11. Johnathan Magrane & Sue Malthus, 2010. "Audit committee effectiveness: a public sector case study," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(5), pages 427-443, June.
    12. Akeel M. Lary & Dennis W. Taylor, 2012. "Governance characteristics and role effectiveness of audit committees," Managerial Auditing Journal, Emerald Group Publishing, vol. 27(4), pages 336-354, May.


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