A REVIEW OF CAMA 1990 ISSUES IN CORPORATE GOVERNANCE AUDIT-豆柴文库

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AREVIEWOFCAMA1990:ISSUESINCORPORATEGOVERNANCEAUDITCOMMITTEEANDAUDITORINDEPENDENCE
ByAnthonyIdigbeSAN
BeingpaperdeliveredatNigerianAccountingStandardsBoard4thAnnualCorporateFinancialReportingSummitandDinnerheldonthe14thdayofNovember2007atSheratonHotelsandTowersIkejaLagos

INTRODUCTION

IwasinSingaporeattendingthe2007IBAAnnualConferenceinOctoberwhenIwascontactedbymyofficethatIhaveaninvitationtobeguestspeakerattheeventoftodayandthatIhadalimitedtimetoconveymyacceptance.LookingattheselectedtopicandtheinstitutionbehindtheeventIwonderedwhetherasalawyerIwasqualifiedtodeliveradinnerspeechatasummitmanywouldpresumeismadeupofaccountantsengagedwiththeboringactivityofporingoverfiguresandnumbers.Forthatisthetraditionalconceptionoffinancialreportingandauditing.Notmanypeoplewereabletoappreciatetherelationshipbetweenfinancialreporting,auditingandcorporategovernanceorbetterstillgoodcorporategovernance.

ItisinthelightoftheopportunitythetopicofferstoexploretheconnectionsbetweenthoseconceptsthatIfindthechallengeofthetopicdauntingandatthesametimeexciting.IamthereforegratefultotheNigeriaAccountingStandardsBoardfortheprivilegeofsharingmythoughtsonthesematterswithamostdistinguishedaudienceofprofessionalsinvolvedwithcorporatefinancialreportingandtheirregulatorsasrepresentedbyinstitutionssuchasNASB,ICANandSECamongstothers.IintendtostartwithexplanationoftheconceptofcorporategovernanceandgoodcorporategovernanceandthendiscussthegeneralregulatoryframeworkforcorporategovernanceinNigeriabeforedelvingspecificallyintotheroleoftheAuditCommitteeandExternalAuditorinachievementofgoodcorporategovernance.Iwillendwithafewsuggestionsonhowcorporategovernancecanbestrengthenedintheareaoffinancialreportingandcorporatestructuresaswellasinternalizationofgoodcorporategovernancewhichgoesbeyondmerestructures.

CORPORATEGOVERNANCE
InasurveythatwasconductedinJapanintheeighties[Aoki,(1984)]regardingperceptionsofownershipandinterests,presidentsofmajorfirms,seniorexecutives,andmiddlemanagerswerepolledregardingtheirpercept