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Exploring the Oversight of Risk Management in UK Higher Education Institutions: The Case of Audit Committees.

Soobaroyen, T and Ntim, CG and Broad, MJ and Agrizzi, D and Vithana, K (2018) 'Exploring the Oversight of Risk Management in UK Higher Education Institutions: The Case of Audit Committees.' Accounting Forum. ISSN 0155-9982

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Abstract

We explore how audit committees (ACs) oversee risk management in UK Higher Education Institutions (HEIs), using semi-structured interviews, attendance at AC meetings and documentary analysis. We find that the AC’s oversight seems constrained by a fixation on the process of risk management, an over-reliance on risk registers, and varying levels of emphasis on operational risks. Theoretically, the AC’s oversight reflects different shades of symbolic and substantive activities designed to maintain the HEI’s legitimacy and that of its governing board, hence providing a symbolic representation. We raise concerns as to the AC’s ability to monitor effectively the HEIs’ risk management practices.

Item Type: Article
Uncontrolled Keywords: audit commitee, risk management, governance, higher education
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
L Education > LB Theory and practice of education > LB2300 Higher Education
Divisions: Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Accounting Centre
Depositing User: Elements
Date Deposited: 18 Sep 2018 08:22
Last Modified: 01 Oct 2018 10:15
URI: http://repository.essex.ac.uk/id/eprint/23029

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