International Journal of Advanced and Applied Sciences, 5(8) 2018, Pages: 72-90
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International Journal of Advanced and Applied Sciences
Journal homepage: http://www.science-gate.com/IJAAS.html
72
Internal corporate governance mechanisms and audit quality: Evidence
from GCC region
Waddah Kamal Hassan
1,
*, Khaled Salmen Aljaaidi
2
, Shamharir Bin Abidin
3
, Abdullah Masood Nasser
1
1
Department of Accounting, College of Business Administration, Northern Border University, Arar, Saudi Arabia
2
Accounting Department, College of Business Administration, Prince Sattam bin Abdulaziz University and Hadhramout
University, Al-Kharj, Saudi Arabia
3
School of Accountancy, UUM College of Business, Universiti Utara Malaysia, Kedah, Malaysia
ARTICLE INFO ABSTRACT
Article history:
Received 13 March 2018
Received in revised form
26 May 2018
Accepted 3 June 2018
Using the suggestions of agency theory alone for predicting the auditor
change behavior in the context of GCC countries is inappropriate because
they were developed in countries with mature market-oriented economies.
In this study, we examine the association of board of directors effectiveness
(board of directors independence, size, financial expertise, meetings,
nationality, international experience and CEO duality) and audit committee
effectiveness (audit committee independence, size, financial expertise,
meetings, nationality and international experience) with the incidence of
auditor change among Gulf Cooperation Council (GCC) public listed
companies for the period 2005-2010. We posit that using an integration
framework of agency theory, managerial grid theory, and attraction-
selection-attrition has more explanatory power to predict auditor change
behavior in GCC setting, taking into account economic and behavioral issues.
The results show that only board of directors' effectiveness is significantly
associated with the incidence of auditor change. This study finds out that the
economic and the behavioral activities are related to the audit demand in the
GCC. Moreover, the study suggests that regulators, especially GCC stock
exchanges, should force companies to disclose all relevant information
related to auditor change in a transparent and timely manner, and increase
law enforcement to enhance good corporate governance practices. For
companies, this study proposes that they should put more emphasis on
enhancing the role and the quality of the board of directors and audit
committee members, as they are involved in the decision of auditor change.
Keywords:
Board effectiveness
Audit committee effectiveness
Auditor change
Gulf cooperation council
© 2018 The Authors. Published by IASE. This is an open access article under the CC
BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
1. Introduction
* Although the recent institutional changes in GCC
region would place an increasing demand for audit
services, some concerns about the audit function still
exist. Six audit failures have occurred (one in Kuwait,
two in Oman, and three in Bahrain) and few qualified
audit reports have been received in the entire
history of the GCC. In particular, the Big 4 audit firms
have been involved in two cases (Al-Shammari et al.,
2008; Asiri, 2008). Al-Shammari et al. (2008) argued
that the low number of reported audit failures in the
GCC does not reflect a good audit function. Rather,
Al-Gahtani (2005) argued that the accounting and
auditing professions are still under development in
* Corresponding Author.
Email Address: waddahkam@yahoo.com (W. K. Hassan)
https://doi.org/10.21833/ijaas.2018.08.010
2313-626X/© 2018 The Authors. Published by IASE.
This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/)
terms of presence and enforcement. The audit
function, at this point, is concerned only with issues
related to recording financial transactions, keeping
source documents, preparing financial statements,
and auditing financial statements by licensed
auditors.
The current corporate governance frameworks of
GCC countries do not meet the threshold sought by
international investors (Gulfbase, 2009). Corporate
governance reform is often investor-driven in more
developed markets, but in the GCC, the burden of
corporate governance improvements falls on the
regulators. Much of this stems from a combination of
facts such as the ownership structures of GCC
companies, the ready availability of liquidity and
financing from regional banks, and the relatively
underdeveloped capital markets. Arab firms still
tend to have concentrated ownership, so
generational ties and family involvement often
affects governance relations and agreements.
International investors, who take corporate