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
Date Written: January 1, 2020
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: Suggested Citation