The role and tasks of the internal audit and audit committee as bodies supporting effective corporate governance in insurance sector institutions in Poland

Szczepankiewicz, Elżbieta Izabela

doi:10.12775/oec.2012.021

Cited by 9 publications

(7 citation statements)

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“…Although some previous research investigates the association between trust and reputation of different parties [13][14][15], research on the link between auditors and society is lacking [16,17]. In this paper, we focus on auditors' going concern opinions, probably the hardest and more controversial task for this profession [18].…”

Section: Introductionmentioning

confidence: 99%

Trusting/Distrusting Auditors’ Opinions

2019

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Trust relations are essential for effective interchanges in the financial markets. Investors (trustors), as well as other market participants, can only trust financial markets if they trust their auditors (trustees). In particular, the auditors’ assessment of the client’s financial condition and its ability to continue as a going concern is paramount to improving social capital and maintaining sustainable financial markets. Research shows that a going concern opinion may have immediate consequences for both the auditing profession and financial statement users. We use the Throughput Model to illustrate how different trust positions are aligned with a particular auditor’s decision-making pathway to enhance trust, distrust or no trust from the point of view of investors’ and creditors’.

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Section: Introductionmentioning

confidence: 99%

Trusting/Distrusting Auditors’ Opinions

2019

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“…Those relations are analysed from the financial social and moral perspectives. As stated previously, there is a substantial literature on corporate governance, usually covering the following topics, regulatory systems for corporate governments and their evolution (Szczepankiewicz, 2011a;2011b;2012a;2012b), and also the theory of CG (Martynova and Renneboog, 2010;, the impact of CG on financial results and economic development (Abosede et al, 2019;Claessens and Yurtoglu, 2012;Alhares, 2020, Picou andRubach, 2006), the impact of CG on environmental effectiveness (Akram et al, 2018), the impact of CG model on social issues and disclosure of environmental information for local communities (Mallin et al, 2013), methods of analysis for management procedures and application of "good practices" for comparisons and assessment (Tan, 2018), identifying the framework for disclosure in relation to the companies right for trade secrets and moral responsibilities (Henriques, 2007;Bandusch et al, 2008), measurement approaches for CG (Ganescu and Gangone, 2012), perspectives for development of CG (Aguilera et al, 2019), factors influencing corporate bankruptcy (Abid and Ahmed, 2014) and other areas.…”

Section: The Concept Of Corporate Governancementioning

confidence: 99%

Comply or Explain Principle in the Context of Corporate Governance in Companies Listed at the Warsaw Stock Exchange

Elzbieta¹,

Błażyńska²,

Zaleska³

2021

ERSJ

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Purpose: The objective of this article is to evaluate to what extent Corporate Governance Statements (CGS) prepared by companies listed on the Warsaw Stock Exchange (GPW) are consistent with Best Practice for GPW Listed Companies. Design/Methodology/Approach: In the first part we applied critical review of subject literature and the monographic method. In the second part, the content analysis method was used, and the basic source material were the CGS for 2018 and 2019. The study group consisted of all WIG20, MWIG40 and sWIG80 companies listed on Warsaw Stock Exchange that submitted their 2018and 2019 reports (280 reports). The CGS were studied using methods including content analysis, comparative and descriptive analysis, and induction. Findings: The analysed CGS helped to answer the question to what extent GPW listed companies pursue the "comply or explain" principle regarding compliance with corporate governance principles and recommendations specified in Best Practice for GPW. The authors investigated whether and to what extent Best Practice is applied and whether the disclosures are useful for the stakeholders. The results indicate that the examined companies follow different approaches to the corporate governance reporting obligations. Practical Implications: Indicating the gap between the expected and the actual scope of disclosures regarding the corporate governance in CGS, which are the primary source of nonfinancial information for a listed company. Originality/value: The study leads to a general conclusion that the imperfect scope of the reported corporate governance information, as well as the quality and usefulness of the disclosures, consists both in the alignment between Best Practice for GPW Listed Companies and currently applicable regulations in Poland, and in the way, companies choose to follow the said document. The study fills a research gap in non-financial disclosures in annual reports. The paper also indicates directions for further study.

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“…In France, for example, the new reforms prohibit a board of directors from accessing vital business documents of a company (Wieland, 2009). Whereas in Poland the executive directors are obliged to inform the board on a regular basis about the effectiveness of governance mechanisms (Szczepankiewicz, 2012). The audit committee is mandated to tighten and enforce the requirements of the board independence.…”

Section: Board Independencementioning

confidence: 99%

Corporate Governance Issues in the Public Sector: Board Perspective and Peculiarities

Lartey

Kong²,

Afriyie³

et al. 2020

BJO&PM

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Goal: The objective of the paper is to extend the discussions on corporate governance to the public sector and examine good governance from a Ghanaian institutional context. Design / Methodology / Approach: Literature is based on relevant theoretical concepts and seven explanatory variables of corporate governance. Primary data was abstained through structured questionnaires administered to public servants from the Ministries, Departments and Agencies-MDA's in Accra. Ordinary Least Square multiple regression was employed to analyze a total valid sample of 568. The findings represent the opinions of board of directors, internal auditors, senior management and employees. Results: The empirical result shows that audit committees, leadership, board effectiveness, accountability and directors' qualification are strong determinants of good governance in public organizations. However, board size has no impact on good governance when board independence is negative. There is evidence that international corporate governance principles are reasonably visible without any significant deviations. Limitation of the investigation: The study is empirically limited with the absence of key variables such as corruption, ethnicity and tribal politics in public organizations in Ghana. These are major factors associated with institutional governance in developing countries. Practical implications: The study observed a negative relationship between board independence and good governance attributed to lack of board diversity. The study implies that gender balanced boards composed of higher ratio of female directors could enhance decision-making and guarantee board effectiveness. Originality / Value: The study emphasizes that public and private organizations share almost similar governance indicators, considering the model estimation. There is evidence that corporate governance is gaining popularity in the public sector, a discussion that is often limited to the private sector. The study contributes to the limited existing findings on the subject from a Ghanaian institutional context. Finally, the results validate many empirical opinions about the negative relationship between good governance and board size from different institutional environments.

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The role and tasks of the internal audit and audit committee as bodies supporting effective corporate governance in insurance sector institutions in Poland

Cited by 9 publications

References 0 publications

Trusting/Distrusting Auditors’ Opinions

Trusting/Distrusting Auditors’ Opinions

Comply or Explain Principle in the Context of Corporate Governance in Companies Listed at the Warsaw Stock Exchange

Corporate Governance Issues in the Public Sector: Board Perspective and Peculiarities

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