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Abstract

Menon and Williams indicate that many United States (US) over-the-counter (OTC)firms which form audit committees appear not to rely on them (cf. Menon, K., Williams,J.D. 1994. Journal of Accounting and Public Policy, 13(2), 121–139). Reliance on auditcommittees appears to depend upon board composition, while audit committee activityis associated with firm size. In this paper, we compare the US experience and evidenceon audit committees and monitoring with the position in the United Kingdom (UK),where there has been a steady growth in the number of major companies voluntarilyforming audit committees over the last 15 years (Collier, P.A. 1996. Accounting,Business and Financial History 6(2), 121–140). We contend that the dataset is bestanalyzed using the Heckman procedure (cf. Heckman, J.A. 1979. Econometrica 47(1),153–161) which captures the two stages of the decision on audit committee activity.Our results show little support from the UK data for the findings of Menon andWilliams (cf. Menon and Williams, 1994. Journal of Accounting and Public Policy13(2), 121–139). However, consistent with their agency theoretic perspective of moni-toring, we found that high quality (Big Six) auditors, and to some degree leverage have apositive relationship with audit committee activity. Contrary to an agency theoreticexpectation, we found that audit committee activity is reduced in firms that combine therole of chairman and chief executive. On the basis of this result we explored the impactof insiders (executive directors) and found that their presence on an audit committeehad a significant negative impact on audit committee activity. This result suggests thatthe emphasis placed by the US Securities and Exchange Commission (SEC) (Sta? Re-port on Corporate Accountability, US Government Printing O?ce, Washington, DC,1980, p. 491) and the Cadbury Committee (Committee on the Financial Aspects ofCorporate Governance. 1992. Report of the Committee on the Financial Aspects of Corporate Governance. Gee, London) on the independence of audit committee mem-bers may be well founded.The reduction in audit committee activity that arises from the combination of the roleof chairman and chief executive o?cer, and the presence of insiders on the auditcommittee, has important policy implications. Indeed, in the UK, both practices arethe subject of recommendations in the Hampel Committee report Hampel Committee1998. Committee on Corporate Governance. Gee, London. ? 1999 Elsevier ScienceInc. All rights reserved. 梅农和威廉姆斯表示，许多美国（美国）过度的柜台交易（OTC）公司组成审计委员会似乎不依靠他们（参农，K.，威廉姆斯，1994年JD会计与公共政策杂志， 13（2），121-139）。依赖auditcommittees似乎取决于董事会的组成，而审核委员会activityis与企业规模相关。在本文中，我们比较了美国的经验和evidenceon审计委员会和监控的位置在英国（英国），那里一直是稳步增长的数量在过去15年voluntarilyforming审计委员会的主要公司（科利尔， 1996年宾夕法尼亚会计，商业和金融史6（2），121-140）。我们主张的的数据集bestanalyzed使用赫克曼程序（参见赫克曼，1979年JA，计量经济学“第47（1）,153-161），它抓住了两个阶段的决定审核委员会activity.Our结果显示来自英国的支持不大数据为参农和威廉姆斯：农andWilliams（杂志，1994会计及公共Policy13（2），121-139）的调查结果。然而，符合监测其代理理论的角度来看，我们发现，高品质（六大）核数师，并在一定程度上利用有apositive的关系与审计委员会活动。相反机构theoreticexpectation，我们发现在公司董事长兼首席执行结合therole的审计委员会的活性降低。这一结果的基础上，我们探讨了impactof内部（执行董事），并发现他们的存在对审计committeehad审核委员会活动的一个显着的负面影响。这一结果表明thatthe由美国证券交易委员会（SEC）（STA港口企业责任，美国政府印刷O？CE，华盛顿特区，1980年，第491页）和吉百利委员会（委员会强调可能是年7审计委员会活动的减少，来自相结合的财务方面治ofCorporate。1992年企业管治委员会的财务方面的报告。啧啧，伦敦）的独立性，审计委员会成员成员的roleof董事长兼首席执行官ØCER，业内人士auditcommittee的存在，具有重要的政策含义。

1. Introduction
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