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

Soobaroyen, T., Ntim, C.G., Broad, M.J., Vithana, K., and Agrizzi, D. (2019). ‘Exploring the Oversight of Risk Management in UK Higher Education Institutions: The Case of Audit Committees’, Accounting Forum, [In Press].

35 Pages Posted: 27 Jan 2020

See all articles by Teerooven Soobaroyen

Teerooven Soobaroyen

University of Essex - Essex Business School

Collins G. Ntim

University of Southampton Business School, UK; University of Southampton

M. J. Broad

University of Southampton - Southampton Business School

Krishanthi Vithana

University of Southampton

Dila Agrizzi

University of Essex

Date Written: January 1, 2020

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 analysis of documentation. We find that the AC’s oversight seems constrained by a fixation on the process of risk management, a 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 the risk management practices of HEIs effectively.

Keywords: audit committee; risk management; governance; higher education

JEL Classification: G34, M14

Suggested Citation

Soobaroyen, Teerooven and Ntim, Collins G. and Broad, M. J. and Vithana, Krishanthi and Agrizzi, Dila, Exploring the Oversight of Risk Management in UK Higher Education Institutions: The Case of Audit Committees (January 1, 2020). Soobaroyen, T., Ntim, C.G., Broad, M.J., Vithana, K., and Agrizzi, D. (2019). ‘Exploring the Oversight of Risk Management in UK Higher Education Institutions: The Case of Audit Committees’, Accounting Forum, [In Press].. Available at SSRN: https://ssrn.com/abstract=3512609

Teerooven Soobaroyen

University of Essex - Essex Business School ( email )

Wivenhoe Park
Colchester, CO4 3SQ
United Kingdom
01206874015 (Phone)
01206874015 (Fax)

Collins G. Ntim (Contact Author)

University of Southampton Business School, UK ( email )

Southampton Business School
Highfield
Southampton, England SO17 IBJ
United Kingdom
+44 (0) 238059 4285 (Phone)
+44 (0) 238059 3844 (Fax)

HOME PAGE: http://www.southampton.ac.uk/business-school/about/staff/cgn1n11.page

University of Southampton ( email )

Southampton, SO17 1BJ
United Kingdom

M. J. Broad

University of Southampton - Southampton Business School

Southampton, SO17 1BJ
United Kingdom

Krishanthi Vithana

University of Southampton ( email )

Highfield
University Road
Southampton, SO17 1BJ
United Kingdom

Dila Agrizzi

University of Essex ( email )

Wivenhoe Park
Colchester, CO4 3SQ
United Kingdom

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