The main purpose of this research is to identify the responsibilities and roles of the UK audit committee on the effectiveness of Foundation Trusts (FTs) in the UK, as it relates to good and effective governance. The study is exploratory and explanatory in nature. The study is motivated by the dearth of empirical studies as compared to the private sector. The conflicting and complex nature of the accounting expectations underscores the constraint on how the corporate administration mechanism contributes to the effectiveness and efficiency of the public sector performance. The findings show that the audit committee’s functions are effective, although still developing and with some challenges. It was recommended that more intensive training programs should be organized for associates of the audit commission; Auditors must be more professional in carrying out their duties, with ethical considerations, encourage cordial relationship with the management, and a more frequent interaction with the management of Foundation Trust (FTs) in order to develop reliable and quality accounting reports.
Citation: Emmanuel Oghenekome Akpoghelie (2022) A Critical Analysis of the Development of the Roles and Responsibilities of the UK Audit Committee for Effective and Good Governance, Global Journal of Arts, Humanities and Social Sciences, Vol.10, No.3, pp.18-49
Keywords: Corporate Governance, UK audit committee, corporate governance code, foundation trust
