School of Accounting, Finance and Economics

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Browsing School of Accounting, Finance and Economics by Subject "accountability"

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    The culpability of accounting practice in promoting bribery and corruption in developing countries
    (Inderscience, 2017-01-24) Ahmad Khair, Amal; Otusanya, H.; Lauwo, S.
    Bribery and corruption are increasing in the developing countries. It has been estimated that some $400 billion of bribe is paid to political elite in developing countries. Such huge amounts of money cannot be successfully executed without the active involvement of multinational companies (MNCs) from the Western countries. This paper examines the processes involved in the misapplication of accounting practice from the perspective of anti-social criminal practices. It analyses the implication of accounting practice in the construction of MNCs bribery and corruption activities. The paper locates MNCs enterprise culture and accounting practice within the broader dynamics of global capitalism to argue that the drive for higher profit at almost any cost is not constrained by accounting rules, laws and even periodic regulatory actions. The paper uses publicly available evidence to illuminate the role of accounting technology in concealing and facilitates MNCs corrupt practices in developing countries. Evidence is provided to show that to secure and retain business in developing countries and to gain competitive advantages MNCs have engaged in bribery and corruption. The paper also makes suggestions for reform.
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    Reliability of the audit committee in weak institutional environments: Evidence from Nigeria
    (2024) Ashiru, Folajimi; Adegbite, Emmanuel; Frecknall-Hughes, Jane; Daodu, Olabisi
    Relying on institutional theory, this article presents external stakeholders’ perspectives on the factors that influence audit committees’ independence and reliability in a weak institutional context. We conducted 37 semi-structured interviews with two critical external stakeholder groups (27 experienced professional investors and 10 senior regulatory officials) in the Nigerian banking sector. Our study finds that the independence of audit committee members, being an ‘a posteriori’ rather than an ‘a priori’ accountability verification, bears institutional contextual bias. Consequently, we unpack five factors (allegiance to the dominant owner; poor professional conduct; corruption; nepotism and opportunism; and impunity) that influence external stakeholders’ perception of the reliability of the audit committee’s independence in Nigeria.