audit within the corporate governance …（审计在公司治理u2026）.pdf

Audit Within the Corporate Governance Paradigm: a Cornerstone Built on Shifting Sand? David Gwilliam University of Exeter 1 Oliver Marnet University of Wales, Aberystwyth We thank participants at seminars at the University of Galway, Cardiff University, the University of Wales Gregynog colloquium, and the London School of Economics for helpful comments on earlier drafts of this paper. 1 School of Management and Business, University of Wales Aberystwyth, Aberystwyth, SY23 3DD, United Kingdom. Email: oom@aber.ac.uk 1 Abstract This paper is a case study based investigation of aspects of the current paradigmatic approach to ‘good’ corporate governance with its focus on the interlinked roles of internal control and risk management procedures, internal audit and external audit, overseen and co-ordinated by a formal structure of board committees, in particular the audit committee. The evidence that we adduce from the study of six high profile cases of perceived accounting and governance failure provides limited assurance that this approach will in fact be cost effective or efficient in preventing further such cases of accounting and governance failure. In particular, issues as to fee dependence; lack of relevant knowledge and expertise; and social and psychologi