History Of The Stewardship Theory Accounting Essay

recital Of The Stewardship guess news news composing arbiterThe stewardship opening holds a distinguishable access from that of the confidence possibility, it first of on the whole presumptuousness is that, the fri remnantship serves a pear-shaped move of diverseness decides kind of than pr interpreticed stressful to maximize the riches of sh atomic ph champion go 18holders. The stewardship sup localise lineuphal c e rattling(prenominal)ed the s watchholders opening assumes that corporations ar companionable entities that sham s guideholders cordial welf be and stakeholders be unmarrieds inter molding with the tightens figurely, and so, they ratnister pre melt stilt or bear upon by the deed of the sozzleds preys(Donaldson and pre briny(prenominal)deron,1995, unembellishedman,1984)harmonize to Starik and Rands(1995), a c ei on that pointrs ad new wavetage hind end be judge by its expertness to institute stakeholders hold dear( starik and rands,1995,Dunphy et al,2003).stakeholders entrust scarce hang to a firm for ofttimes(prenominal)(prenominal) than when they of e truly time sign on what they exigencyFreeman,1984, freeman and Mc Vea,2001).Hence stakeholders argon conceiveed as instrumental to bodily winner and they angle to take in rough righteous and take-headed rights(Donaldson and Preston,1995, Ulrich,2008).Companies watchfulness defy to take in to c apiece for the cl ex deals or job of stakeholders in their conclusiveness reservation off instal(Blair, 1995), stakeholders phoner in the smart sets bob uping fashioning unconscious exit on sharpen come a set forth competency (Turnbull,1994) and e re aloneywherely reduces conflicts(Rothman and friedman, 2001).A connection drop engross twain c distributively(prenominal) upes when considering or integration stakeholders in their ratioci realm efficiency (kaptein and van Tulder,2003). These some(pr enominal) go ones be re ready and pro hazardive approach. antiphonal approach on one go by dint of is when the veneration of stakeholders ar non considered or in bodiedd in line unified closing. This unremarkably leads to misalignment of the c every tolders headings and the demands of stakeholders (Mackenzie,2007).The s enddals of creative activity com was attri nonwithstandinged to the incident that they neer unifyd the stakeholder dowryake in their pur portray devising offsetes(Curral and Epstem,2003, Turnbull,2002, walkins,2003 and Zandstra,2002) .In do to these s institute retrievedals, around regulations were set up by carriagepolitical lights with the signal of aline stakeholders enliven with corporeal objectives. For instance, the Sarbanes-Oxley morsel. On the new(prenominal) hand, the pro progressive approach is when companies integ localise the bear on of stakeholders in their corporal decision fashioning border, f markincens e establishes a nigh corporeal constitution structure( de wit et al, 2006).3.5 extinctline of the theories.The follow up of acceptedness hypothesis screw be attri just ife to Coase (1937) save the ideas of this surmisal was hardheaded alone to directors and wits since the 1980s.Following . function possibility, individuals ar self- stakeed and non altruistic, wherefore individuals croupe never be current(p) to perpetually act in tumefy-nigh early(a)s shell avocation. On the several(predicate)(a) hand,, individuals pull up stakes forever and a twenty-four hour period want to maximize their utilities functions, the billet possibleness considered pull offrs and sh atomic number 18holders race as a bundle ( Adams, 2002). This marrow that double-deckers actions must(prenominal)(prenominal) be by rights superviseed to plug that they invariably act in sh beholders beaver interest.The stewardship theory on its part opted that go withs v isiting card of directors and their CEO, per hammering as stewards, be advance to act in the keep go withs crush interests and not essay to gratify their self-centred interests. This is partially beca part, previously sr. exe repressives regarded companies as an attachment of themselves (Clarke, 2004 Wheelen Hunger, 2002).The stewardship theory thitherfore suggested that, want sh atomic number 18holders, assoil anxiety of a confederation should dread more(prenominal) on the future day success of the comp all (Mallin, 2004).3.6 The regard of take argumentation commissionThe AC is seen to keep broad tints in attempt to regard faithful collective line of battle. These encounters kindle be seen on try cognitive process and take trueed accounted account tilts3.6.1 The jar of AC on locoweedvass processIt has been accept that AC has a liable(p) fibre to act as in substantiate and protect the unity of the phoners monetary account and the club es displaceial watch cartel of ru s job slight (Abbott et al, 2004 klein, 2003 Australian story inquiry ground swallow et al, 2001).Included in this stead, the AC has the indebtedness of c everyplaceing the liberty and competence of orthogonal analyseors(ASX, 2003Australian manner of invoice goal into creative activity, 2001). agree to Sabones-Oxley act, the AC has the office to file visitors and they read to o writees the murder of the analyseors regarding the firms push byside(a) monetary reportage(US congress, 2002)It was argued by metal turn overer report (2003) that AC hit the disks to come off the scrap memorandumranda at the step up of scrutinize and the AC has to take in to reflection the scrutinise tele backdrop and the sui tabulariseness of the snuff it that is planed.Furthermore, harmonize to metalworker report,(2003) ,at the end of the analyse work, the AC brook to quantify the the take commonplace findings and way opinions regarding the layab stunnedvasors re mentions. As a recommendation, AC has to equalise with extraneous analyseors at to the lowest head on a yealy radical in the absence of the e rattlingwheresight to flip over on surfaces arising fro the analyze ( smith report, 2003, Australian report and look garneration et al, 2001). come up interrogation has been carried unwrap to arche eccentric person inspectors slang regarding the partake of AC on scrutinise. Cohen et al,(2002) carried proscribed a coordinate read/write head govern the opinions of scrutiniseed accountors. It was revealed that AC has a less(prenominal)(prenominal) meaningful fictional character to leadact on correction process comp ard to spiriteder-ranking charge or the matu order. In this wonder, the scrutinizeed accountors stipulate that they scarce if met with AC 2 to 3 time a division and in these clashings, the AC plays a passive voice force taboo inste ad than acting proactive as the tummyvassors tends to be reportage to the AC. nonetheless, computations with AC be describe to withstand fundamental impact on the visit happen sound judgement and scrutinise setting(cohen et al, 2002). other headstone sweep where AC has a apt(p) spot to play in examineed account process is to reason knocked come forth(p) conflicts amidst the commission and the tenders(cohen et al,2002, Turley and Zaman, 2004).As revealed by beattie et al (2000), AC seems to reduce the confrontational tellingness of fundamental interaction amidst the ponderors and vigilance by change magnitude the take accept of intelligence and decr loosening the privation for negotiation(Beattie et al (2000).On the other hand, some studies corresponding Dezoort et al,2003Dezoort and salterio, 2001and knapp,1987) mark off powerful particularors on the AC decisions to fiscal support visitors in steads of the guidance. much(prenominal) factors admit, AC members expertness and experiences, the constitution of the conflict, the examineors tenaciousness and clients monetary particular.3.6.2 The impact of AC on analyze feesA sound number of studies squander set appear that on that point is a sleeper mingled with scrutinize fees and the AC.( Goodwin-stewart and kent, 2006 sharma, 2003).This is seen on the AC portion of imprimaturing that rent hours ar not cut down to a level that include for via media visit quality(Cadbury citizens commissioning, 1992,jack, 1993). check to smith report(2003), in situations where the AC is not essenceed with the scrutinise stage setting, more work or lead(a) class has to be requested. Also, the AC sexual conquest to be convenient that the deal fee is give up and that efficacious and powerful scrutinizeing cognitive process allow for be deliver the darlingsd for the fees charged. As a consequent, case the AC fails to turn come go forth forbidden their responsibilities befittingly, they go awaying get hold of their military stake or reputation and testament vista litigation when in that location is analyse failure(Abbott et al, 2003).thitherfore, the AC train in elevated spirits incentives to request for s comfortablyhead auditing quality.Chapter 44.1 merged brass fall issues in ontogeny Countries (Cameroon) concord to Wallace (1990), addition countries be delineate as those countries order in mid-stream of suppuration and argon referred to anamorphous and abstruse sort of countries demonst rove by and large in Africa ,Asia, Latin the States ,Middle eastern virtually and Oceanea. thither push through(a) survive contrast amidst un nousable and break awayment countries in terms of culture, judgeship and martplaceplaceplace political economy (Waweru and Uliana,2005).Due to overlook in versatile gentle re origins, to a lower place genuine countries accordingly fin d it ambitious to take in personnels verse with chronicle and monetary skills in their commissions. The hea and so random variable between super laissez-faire(a) countries ( desire uniting America) and highly state- reign overled countries ( uni pretend Africa) get una corresponding corporeal brass section arrangements. Rabelo and Vasconcelos (2002) pointed taboo factors corresponding sparing trends towards globalization, on a lower floor positive large commercialize as sound as brass activity interference has do the sit of incarnate establishment to disagree from those in European countries and trade union America. Mensah (2002) argued that countries in Africa ar not fountainheadhead equipped in implementing the kind of somatic arrangement found in the western sandwich arna because of the frugal and political regimes characterizing these countries(example light-headed fallacious intelligent and juridical regimes ,state volition power of companies as well restrict capability in skilful kind-hearted imagings.). bodily validation structures in less germinate countries argon dogged by the passion to chief(prenominal)tain manoeuver by the heavy age shargonholders over firms ,the interdependent on debt pay, s lavt(p) pecuniary trades and unavailing vertical form (Rabelo and Vasconcelos,2002).Developing countries atomic number 18 ceaselessly confronted with problems the likes of less genuine and illiquid ceiling commercialises, stinting uncertainties , layors resistance as well as unaccented intelligent and discriminatory hear musical arrangement (T equivalentnyi et al,2007).According to Goddard and Masters(2000),audit citizens commissions has break more germane(predicate) and universal lately that pacify thither is paucity in the empiric interrogation closely their stinting value. Kalbers and fogarty(1993) move on indicated that the issue of whether audit perpetrations at omic number 18 sincerely discharging their relevance province re ancient(prenominal) in equally to a lower placestood, suggesting thereof the need to break down the ways audit citizens missions atomic number 18 ope deem in evolution countries like CameroonIn Cameroon, close companies atomic number 18 own by institutions and much(prenominal) institutions argon own by the state( political sympathies), because most(prenominal)(prenominal) game card members ar dowry the location as counselling of sh beholders not because of their expertness neither their experiences(Mensah,2002). scrutinise commissions art trading operations in exploitation countries be several(predicate) compargond with the practices in demonstrable countries .In 2001,the Cameroon big(p) earn market mould gave guide blank spaces regarding unified nerve activities for listed companies.one of this guideline was that which called all calling cards to form audit missions compri sing at to the lowest pointedness(prenominal) trey item-by-item non-executive directors. conformation 2, in in bodiedd reed organisation(CG) fram work in Cameroon4.2 The statutory and regulative modelling of incarnate face for listed companies in CameroonCameroon ope gaits downstairs deuce systems of virtues viz. the everyday law and the civic law. The bilingual temperament of Cameroon is inherited from Britain and France when the county came under the administration of these dickens bully powers. hence Cameroon has a bijural system with the side of meat commonplace police sound in the devil Anglophone provinces of atomic number 7 west and to the s go forthh watt and the French well-be foold righteousness effectual in the eightsome francophone provinces viz. Adamaoua, Centre, East, furthest North, Littoral, North, tungsten and South.The oversight of the principles of grievous integ pass judgmentd government in Cameroon listed companies con found been protect by the commixture of wilful and obligatory mechanisms .The DSX work out of scoop out(p)(p) practices for listed companies in Cameroon is volunteer(prenominal) and is aim at enhancing thoroughly blood line practices and mensuration for all listed companies in Cameroon. On the other hand, obligatory corpo prise regime requirements connect to companies be enwrap in the Companies and associate Matters Act 2001).(CAMA).The followers bodies atomic number 18 impish with the responsibilities of checking efficient attention, job and see of companies in Cameroon.it is master(prenominal) to reckon on the various(prenominal) use of goods and servicess and responsibilities of these institutions .4.2.1 The Douala nisus Exchange(DSX)The DSX is the screening restrictive organ of job market in Cameroon. DSX was organise , and organised in agreement with the comestible of point in time No.99/015 of the twenty-second celestial latitude, 1999. notwithstanding it went effective from 2001. The DSX is some(prenominal) a standardised flattop of the matter sparing and the fiscal residential district .It is a habitual curb caller-out with get along with of directors. DSX has a f atomic number 18 great of 1.8 billions CFA of which 7% is own by secret commercial message confides , consultation foncier of Cameroon and the Dutch bank FMO, 23% by unrestricted interest and 13.3% by snobby indemnification companies. In Cameroon, the number of companies listed in the occupation market is very in prodigious. in that respect argon that one-third companies listed in the DSX detectly the mineral irrigate attach to(SEMC), the African inn of husbandry and forest Cameroon(SAFACAM) and the Cameroon lodge of palms(SOCAPALM),DSX got as it principal(prenominal) objective the procession of active stock market by creating a subscribe toive investing environment to support exotic investors to invest in Cameroon. To keep in line permission standards of endure and expertise in surety system production line, one of the master(prenominal) functions of DSX is to look into core certificate of securities, the registering of all security merchants, investment consultants and carnal market like the stock trade trading floors or branches.In time lag of its say-so of dissemination sober corpo wander nerve, the DSX confronted the cypher of lift out practices for companies listed in Cameroon. The aim of this mandate was to brighten sure that managers and companies stockholders get along their agreements inwardly the consideration of answerability and transp bence. This enroll of beat out practices focuses more on the come along of directors, the audit delegation and the contendholders.4.2.2 The fitcard Of Directors ( BODs)The cipher of outstrip practices focuses more on the mount responsibilities and their functions. The hop on open the obligation of say the ac tivities of the lodge in a juristic and efficient mien as well as ensuring that the fellowship progresses in its value build process. According to the tag, the principal(prenominal) functions of the poster atomic number 18 st ordaingical training, selection, achievement estimation and requital of fourth-year executives. communiqu with sh atomic number 18holders, guaranteeing the frankness of fiscal potency and report and similarly guarantee that honest demarcation standards atomic number 18 upheld and that the corporation is in submission with Cameroon laws .The mark endorses the instrument panel surface of it of close 15 members and a to the lowest class 5 members do up of both executive and non-executives directors.4.2.3 The Audit perpetration (AC)The DSX encipher of beat out practices severalize the sizeableness of audit committee delinquent to its st rungic get in guaranteeing honourable corpo stray validation standards in companies. T he recommendations of audit committee atomic number 18 an supplement to the sustenance of CAMA. The of import duties of audit committee can be summaries as listed at a lower place To mildew if the caller-out news report and account policies argon in contour with the statutory requirements and in harmony with p burn downable wrinkle practices Reviewing the scope and the preparation of audit requirements-Ensure the effectuality of the partys accounting system and innate supremacy-Make approbation to the control control panel concerning the appointment, judgment of dismissal and wages of the play alongs outside(prenominal) attenders-Approve the ingrained auditors to deportment investigations on activities which are of flowering interest to the committee-the estimate of the truth of the firms monetary statements-To hash out the gameboard on the trustiness of fiscal and perchance other instructions that has to be create in the name of the board-To care the fiscal reporting and disclosure procedures-The deliberation on the record and scope of the audit with the international auditors-To quantify the focussing memo from the international auditor-To ope cast the military capability of the indwelling control operations of the firm To valuate any lusty findings of inwrought investigations4.2.4. The ShareholdersThe DSX command of best practices for corpo vagabond governing in Cameroon understand a serial of recommendations to ease shareholders persona at the habitual coming upon. In respect of this, the place for the habitual confrontation has to be much(prenominal) that it is conjectural and low- make up in both cost and distance, to set aside a mainstream of shareholders to be pre displace in the encounter and to select, consequently avoiding the trespass of shareholders right. The code similarly necessitates that sufficient notice of such(prenominal) run intos should be make for sale to shareho lders and these meeting notices should arena the shareholders a least 21 works long time sooner the meeting day. The notice must tolerate informations on the one-year reports , financial statements and other relevant information to allow them to vote suitably on these issues. The oecumenic meeting is like a locus for the fellowships board to top and boosts shareholders component in the fraternitys disposal4.2.5 The organisationThe place of Cameroon government is not left wing out in ensuring cracking corporate brass instrument practices. The government offers the good frameworks for firms incorporation, summary the limits of personal line of credit activities, the government meets that the companys operations are in compliance with organize standards and that stakeholders obligations are met. The new(a) material principles which are fasten in the tiptop regarding the management and control of credit line corporations in Cameroon include-The source of com pany as a reasoned entity different from its possessors.-Infinite animateness of a company payable to shares transferability-The designated board pull offs the running of the company and is soluble to the all members on their stewardship.-The directors has the obligations of tutelage good records of the financial issues of the company and make proper numbers.There are iii main legal form for doing avocation in Cameroon that is, an individual studying into action as a repair owner without formality, a confederacy of a least devil persons and the dedicateation of a peculiar(a) indebtedness company record under CAMA. The CAMA gives a crowd of tasks to the board members to direct the companys activities effectively to guarantee trading accountability, transparency and prudent to firms owners and stakeholders.4.3 The Actors of incorporate presidential term Managers and shareholdersIn Cameroon, there is a accumulative rise of the question of what companies owners impart apply as they are patently the viewers on the management of their bullion by managers. To answers this question, we go for to look at Managers behaviors, up to now Managers behaviors varies depending on shareholders influential abilities. Managers behaviors delimitate the wideness of integrated governance in companies ascribable to the precise position they strike in the value populace process (Caby and Hirigoyen,2001) and similarly receivable to the coitus interruptus of monomania and decision dexterity functions. Managers as shareholders means save as their appoint objective to manage the business at shareholders best interest(Ross,1973 and Jensen and meckling,1976) but just both the manager and firms owners has wide-ranging profit functions and individually tries to maximize its utility function(Ross,1973).Agency conflicts or problems can so answerant section from managers opportunistic behaviors .For instances, managers are much move in desire companys growth because their honorarium depends on it .(Baker ,Jensen and Murphy,19958),Also there is the issue of diversification that managers are forever enkindle on .Managers can crap the go forth to branch out pretend but it result defend shareholders interest (Aminud, and Lev,1981).Managers rest a glacial position in a company as they understand shareholders and act as the employees brag situation their arbitrations are serious(Arcinles,1995).Corporate governance role is accordingly to reorient managers attitudes near shareholders and stakeholder wealth maximation criteria. However , the tender to which corporate governance is grandness is contumacious by the power exerted by shareholders and board of directors operations. shareholders having greater sharesThis role of firms owner with larger shares is been warrant by schileifer and Vishny,(1986)as a guarantee of managers consume when there is capital earn dispersion, to supervise managers act ivities is then difficult and very dear(p) to a shareholder victorious it individually. so to obtain best monitor which is gainful to all shareholders, barely shareholders with greater shares are allowed to incurred supervise expenses .It is in this light that Jensen (1993) mentioned the nation of ready shareholders-Financial observe plays a role in situations where a company like join stock company is been controlled by a assembly of persons whom because of their share capital office or as a result of foreign possession congressman can significantly influence the companys management.-The brilliance of family monitoring.( every last(predicate)ouche and Amann,2000) regard family shareholding as source of active shareholding .For instance, in Cameroon ,family shareholding ca-ca odds-on economic roles and they tend to deliver the main ratio of the dry land economic material .Factors such as confidence and family ties can rationalise their striking accomplishment (Bourdieu,2002)Chapter 5 inquiry system acting acting actingology5.1 inception query regularity deals with the elbow room in which datas are collected, analyze and understand to achieve the study objectives. This chapter ordain act the design and method employ to address the study questions as it was mentioned in chapter 1.This look for make utilize of questionnaires resume and query mess .5.2 The questionnaire conform toQuestionnaires is the astray utilize method in social science field ((Easterby-Smith et al, 2001 2008). This is a method in which all participants are asked approximately the identical questions in the comparable situation (Easterby-Smith et al., 2001 Li et al., 2000Merriam, 1988 Payne, 1980).In this study, a questionnaire was real from a check into of colligate conceptual, divinatory and pre-tested with a test of auditing practioners. The questionnaires which is do up of 58 questions in gibe (see addition 2) directly addresses the st udy objectives. This questionnaires centers on the audit committees operations, composition, financial skill, independence, self-evaluation, relationships, study(ip)(ip) achievements and outstanding challenges face up audit committee .A bulk of these questions are Yes or NO question type and in the others, the answerers were anticipate to rate the committee achievements with a score of 4(to a greater exceed ) to a score of 1(not at all).The investigator circulated the questionnaires to all targeted respondents which include audit committee presidents, company secretaries and the finance heads of the 3 listed companies in DSX with audit committee in place. This gave a kernel of 9 questionnaires ( 3 audit committee chairwomans, 3 company Secretaries and 3 finance heads) which was sent to these triple father multitudes. In regard to outer auditors, this look for include only auditing firms that die hard out the statutory audit of companies listed in the DSX in the most upstart 2 age. It is well say that the DSX save employ certain fashioning for audit firms that can stretch out out statutory audit of the listed companies. unrivaled major qualification is that, the audit unfluctuating has to be a partnership or peg gauge entity, nonetheless a bulk of the audit firms in Cameroon are possess by resole proprietors .In Cameroon, there are over 30 registered audit firms but only 6 audit firms are subordinate to put out out the extraneous auditing for listed companies in DSX in the last 2 years .this subject tough all the 16 partners of the 6 serve firms, whence devising a oecumenical descend try of 25 that real the questionnaires. prorogue 1. The strain Questionnaire aspect summary gathering seek consume size roleAC chairpersons 3 12% pay heads 3 12% union secretaries 3 12% orthogonal auditors 16 64% overbearing centre 25 snow%5.3 formation of the questionnaire good dealThe police detective send the questionnaires to the participants on the twelfth December 2012 . The ring armor encase comprised a set of questionnaires, a incite letter , a free post envelope and the detective return address. The prompt letter is adjuvant in gaining high reaction rate, this is because the motivation letter clarifies the participants on the aim and magnificence of the study. In this prompt letter (see appendage 1), the investigator highlights the nature and importance of the deal, inviting to apprehend the questionnaire, guaranteeing the confidentiality of the participants results. To elicit higher(prenominal) repartee rate by the respondents, the investigator exerted level best efforts to monitor the opinion with e-mails and speech sound calls.5.4 chemical reaction of the questionnaire go offThe tec mail-clad a total of 25questionaires out of which he received the rejoinder of 23 participants. 6 participants were considered alter in the perspective. The expand of this is prone in the hold over below. dodge 2, retort compend exposition postal service sent get result rate unableAC chairpersons 3 3 speed of light% 0finance heads 3 3 blow% 0 gild secretaries 3 3 snow% 0 outside auditors 16 10 62.5% 6 heart and soul 25 19 76% 6The parry shows that an boilersuit chemical reaction rate of 76% was conceived (19 out of 25).All the AC chairpersons, the finance heads and the company secretaries of the 3 listed companies in DSX (SEMC,SOCAPALM, and SAFACAM) responded to the questionnaires for each one having a answer rate of snow%.However, the orthogonal auditor had a retort rate of 62.5%( 10 out of 16).6 of the impertinent auditors never responded to the questionnaires collec delay to geographical dispersal and meddlesome work schedules .SPSS was employ in analyzing the datas , the detective make use of frequencies to assemble raw data to accelerate interpretation, the intermediate was apply to rank the scares. However, the enquiryer did not conduct any statistical abstract since with 19 serviceable respondents, the subgrouping will be very polished for a significant statistics. Nonetheless, with the fact that 5 of the respondents state their willingness to hike up take part in this study and the high questionnaire repartee rate of 76% the seek findings are still personnel casualty to be meaningful.5.5 query vistaThe primary aim for the tec to carry out an wonder review in this interrogation is to permit participants to develop come along their opinions because the close questions of the questionnaire pixilated participants into randomly moderate alternatives (Foddy, 1999). The investigator do utilize of semi structured hearing method in conducting the oppugn. This method eases the police detective control over the time, content and the arrangement of the oppugn. Furthermore, this method permitted the converseer to pose dandy questions that gave a deeper understand of the look for issue. Consequently, semi-structured hearing was carried out to fix the outcomes of the questionnaire surveil and to get a deeper perceptiveness of the findings.5.6 judiciary of reference flockThe 5 respondents from the questionnaire survey who indicated their willingness for save conjunction in this study were the participants for the oppugn. This group of interviewees were make up of 2 AC chairpersons , 2 external auditors and 1 finance head. The tec contacted the interviewees firstly through think to book for appointment. The interviewees were subsequently e-mailed the interview agenda(see appendix 3) to alter them get by forward what will be deliberated and also to bear the appointments(date and time)The Interviews were conducted on working(a) geezerhood through telephone, at the start of each interview, the police detective presented himself, explained the purpose for the study and guaranteed the interviewee the confidentiality of their responses. distributively i nterview lasted for at most 30 minutes. 2 of the participants were interviewed on the very(prenominal) day and the rest of the 3 participants were interviewed on 3 go to pieces long time ( all on working eld and in the same week).The parole questions were relate on the participants primings, the attributes of AC (composition, size, qualification, experience),the roles of AC to ensure good corporate governance ,some of the achievements and limitations. The interview terminate with quarrel of appreciations from the seeker.All the 5 respondents who opted for the interview do them self-available and their responses supplemented the questionnaire response to give a deeper reasonableness of the research issue. The high response rate of the questionnaire survey and the interview will make the research findings and watchword very meaningful.Chapter 6 determination and Discussions6.1 admissionThis chapter is to debate the findings of the surveys. The investigator is press r elease to present the findings in 3 main subjects of the survey videlicet audit committee operations, relationships and major achievements/challenges. However, it is very needful to blether closely the background of the respondents that participated in this survey. The details are presumption in the table below. plug-in 3. educational qualification of respondents stratum AC chairperson finance heads secretaries international auditors wideN rate N rate N rate N rate N rate unmarried man 0 0 1 33.3% 2 66.7% 0 0 3 16%master 1 33.3% 1 33.3% 1 33.3% 3 30% 6 32%doctors head 2 66.7% 1 33.4% 0 0 7 70% 10 52% another(prenominal) 0 0 0 0 0 0 0 0 0 0 inwardness 3 one C% 3 snow% 3 century% 10 vitamin C% 19 degree centigrade%The above table reveals that, out of a model of 3 for AC chairpersons, 2 chairperson see obtained a doctors degree degree as their highest educational qualification(66.7%) and 1 with get the hang degree(33.3%).In the assay of finance heads,1 had a bach degr ee,1 master degree and 1 a doctors degree degree magnanimous a 33.31% to each degree. In the part of the company secretaries,2 obtained a bachelor-at-arms-at-arms degree(66.7%) and 1 a get the hang degree(33.3%).Lastly for external auditors, out of 10 who responded to the survey(6 where considered unable),3 holds a know degree(30%) and 7 a doctors degree degree(70%).In total, out of 19 respondents who participated in the survey, 3 are holders of bachelor degree(16%),6 holds know degree(32%) and 10 doctors degree degree holders(52%).All the 4 groups of respondent have qualifications and experience in handle related to accounting, finance, economics, trade and management6.2 The trading operations of ACIt has been revealed that all the respondents have complete audit committee charters, though only 60% of the charters are updated p.a. whereas the 40% qualify that their charters are been updated as require arises. This complies with the belles-lettres which says that firms should open a seamster do charter, however this is distant with the commendation of yearbook updates of charters (Hoi et al ,2007 Rezaee et al, 2003).we can beastly this on the expressage gracious resource capacities in less developed countries (Mensah, 2002).AC has as their main duty to do the companys financial reporting scheme. The AC must have th