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Evaluation of Performance of the Audit Committee in Listed Company and Its Application

Author: ZhuLiZuo
Tutor: ZhangShiXing
School: Ocean University of China
Course: Accounting
Keywords: Audit Committee Performance Evaluation Evaluation System
CLC: F239.4
Type: Master's thesis
Year: 2013
Downloads: 62
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In contemporary, the Audit Committee plays a significant role in contacting theinternal management and external auditors, and protecting the quality of corporatefinancial statements. With requirements of improving the financial quality, investorsask the Audit Committee to improve their performance as well. The performanceevaluation of the Audit Committee is an effective way to improve the performance ofthe Audit Committee. However, how to evaluation of the performance of the AuditCommittee is a difficult problem theoretically and practically.Domestic and foreign scholars are on the way to find how to evaluate theperformance of Audit Committee. Most of the domestic researches are aboutmotivation and effectiveness of the establishment, and the factors influencing theefficiency of the Audit Committee. While, there has not any comprehensiveevaluation system about Audit Committee performance announced till now. In ourcountry, many Audit Committees of listed companies have not received anyperformance evaluation yet. The reason why we lack an objective evaluation of theperformance of the Audit Committee is the lack of sound indicators system to do so.Therefore, to set a practical performance evaluation system of the Audit Committee isparticularly important.In the theses, we treat the Audit Committee in the listed companies as ourresearch object. Through the combination of both normative analysis and case studies,we analyze the development and the evolution of functions of the Audit Committeesystem at home and abroad. Referencing results of the existing normative researchand empirical research, we apply KPI to set a systematical Audit Committeeevaluation system by taking the influencing factors into account. From threedimensions which are structural features, internal implementation mechanism andoutcomes, we build a twenty-seven-indicator evaluation system of the AuditCommittee, reflecting the qualities of financial statements, auditing and internalmanagement, which is the biggest innovation point of this thesis. And then, weillustrate the usage and the meaning of the Audit Committee performance evaluationsystem, so that the information users can evaluate the effectiveness of the operation ofa listed company’s Audit Committee, which will help a lot in their process of decisionmaking. At last, we give an example of VK Co., Ltd., to illustrate usage andprecautions of the Audit Committee performance evaluation system.Through the study, author find that the listed company need to rich the disclosureinformation of Audit Committee right away. We find that, the information related tothe Audit Committee are rarely disclosed, especially the information about diligentdata, which increase the difficulty of our research. Besides, the relationship betweenthe Audit Committee and the shareholders should be improved. Many investors havenot aware the existing of the Audit Committee. In fact, the Audit Committee couldguaranty the reliability of the original source of information provided, without interfering with the day-to-day management in the company. However, that veryeffective way is always ignored by most investors. Last but not the least, we find that,the performance evaluation standards needs to be established at once. There is nocomparison, there is no identification. There is no evaluation, there are no rightincentives. If we do not have performance evaluation criteria of the Audit Committee,the Audit Committee will become a dead letter. Thus, the establishment of evaluationcriteria is one of the directions of our thesis.

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CLC: > Economic > Economic planning and management > Audit > Various types of audit
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