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The role of external auditors in corporate governance: agency problems and the management of risk

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  • Ojo, Marianne

Abstract

This paper not only recommends means whereby principal-agent problems could be addressed, but also considers various ways in which the external auditor and audit committees contribute as corporate governance tools. The impact of bank regulations on risk taking and the need for a consideration of ownership structures are amongst other issues which are considered. In acknowledging the issues raised by ownership structures, it considers theories such as the banking theory and corporate governance theory. It also considers other alternatives whereby risk taking could be controlled. In recommending the external auditor’s expertise to address principal agent problems, it draws attention to the audit committee’s roles, both as a vital and complementary corporate governance tool, and also considers recurring problems which still persist with some financial reporting standards. It also highlights the importance of measures which need to be in place if the external auditor’s contribution to corporate governance is to be maximised.

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File URL: http://mpra.ub.uni-muenchen.de/28149/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28149.

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Date of creation: 06 Jul 2009
Date of revision: 14 Jan 2011
Handle: RePEc:pra:mprapa:28149

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Related research

Keywords: corporate governance; banking theory; risk; ownership structures; auditor; disclosure; principal; agent; regulation; moral hazard;

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  1. Vitols, Sigurt, 1995. "Corporate governance versus economic governance: banks and industrial restructuring in the US and Germany," Discussion Papers, Research Unit: Economic Change and Employment FS I 95-310, Social Science Research Center Berlin (WZB).
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