2. Audit committees in Australia
Following the collapses of OneTel and HIH in Australia, the ASX released the ‘Principles of Good Corporate Governance and Best Practice Recommendations’ guidelines in March, 2003. This document provided guidelines regarding the adoption and responsibilities of audit committees. The board should establish an audit committee and the audit committee should consist only of non-executive directors, consist of a majority of independent directors, should be chaired by an independent chair who is not chair of the board, and have at least three members (ASX, 2003).
Subsequent to the release by the ASX, the Federal Government of Australia released the Corporate Law Economic Reform Program (CLERP 4) in 2004 which placed obligations on the top 500 Australian Listed Companies in regard to audit committees. Given CLERP 4 placed significant rules for the 500 listed companies in Australia to obey, the sample 200 firms in the present study are drawn from the top 500 companies listed on the ASX.
2. Audit committees in Australia
Following the collapses of OneTel and HIH in Australia, the ASX released the ‘Principles of Good Corporate Governance and Best Practice Recommendations’ guidelines in March, 2003. This document provided guidelines regarding the adoption and responsibilities of audit committees. The board should establish an audit committee and the audit committee should consist only of non-executive directors, consist of a majority of independent directors, should be chaired by an independent chair who is not chair of the board, and have at least three members (ASX, 2003).
Subsequent to the release by the ASX, the Federal Government of Australia released the Corporate Law Economic Reform Program (CLERP 4) in 2004 which placed obligations on the top 500 Australian Listed Companies in regard to audit committees. Given CLERP 4 placed significant rules for the 500 listed companies in Australia to obey, the sample 200 firms in the present study are drawn from the top 500 companies listed on the ASX.
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