Examining the influence of audit committee characteristics on the performance of universal banks in ghana.
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Date
2023
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KNUST
Abstract
The objective of this study was to examine the influence of audit committee characteristic on the performance of universal banks in Ghana. Explanatory research was the method that was used for this study. Explanatory research was the method that was used for this study, which was conducted in Ghana and looked at the connection between the characteristics of audit committees and the performance of firms. Just 14 out of Ghana's total of 23 universal banks were chosen as representatives for the sample. The 14 were chosen because there was sufficient information that was available to the general public about them; in particular, their annual reports provided information about the make-up of their audit committee as well as the responsibilities the committee had. The method known as convenience sampling was used to select these banks for further investigation. The figures span the years 2009 through 2021 for the time period in question. A random-effects GLS regression was carried out in order to delve further into the nature of the connection that exists between the variables. According to the findings of this research, increasing the size of audit committees at universal banks in Ghana does not assist enhance their performance. Nevertheless, increasing their independence and the amount of compensation they get does help improve their performance. In spite of these assertions, studies demonstrate that the presence of more women on the audit committees of universal banks in Ghana has a detrimental effect on the financial health of these institutions. Among other factors, the study recommended that banks in Ghana could consider increasing the remuneration of their audit committee members, in order to incentivize them to perform their duties more effectively and with greater diligence. This can help to ensure that the internal financial reporting processes are robust, accurate, and transparent, which can contribute to improved performance for the bank.
Description
A Thesis submitted to the Department of Accounting and Finance College of Humanities and Social Sciences in partial fulfilment of the requirements for the degree of mba accounting