Research Article
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Year 2019, , 1 - 22, 31.07.2019
https://doi.org/10.25272/ijisef.485437

Abstract

References

  • Abdalla, M. A., Aziz, M. R., & Johari, F., (2015). Analyzing The Impact of Banking Laws and Legislations on the Converting of Conventional Banks into Islamic in Libya. International Journal of Management and Applied Research, 2 (4), 156-171.
  • Abdou, M. A., (2015). Towards a New Solution of Minority Shareholder Protection in Libya: Letting the Minority Shareholders have a Voice. Ph.D. thesis, University of Glasgow.
  • Abdulsaleh, A.M., (2017). The introduction of Islamic finance in Libya: Capturing the opportunities for SMEs development. Journal of Emerging Economies & Islamic Research, 5 (1), 39-48.
  • Abernathy, J. L., Herrmann, D., Kang, T., & Krishnan, G. V., (2013). Audit Committee Financial Expertise and Properties of Analyst Earnings Forecasts. Advances in Accounting, 29 (1), 1-11.
  • Ahmad, N., Othman, R., Othman, R., & Jusoff, K., (2009). The Effectiveness of Internal Audit in Malaysian Public Sector. Journal of Modern Accounting and Auditing, 5 (9), 53-62.
  • Aldredge, M., Cooley, G. and Mallett, T., (2017). The Development of Theory in Accounting Research. Journal of Business and Management (IOSR-JBM), 19 (1), 27-29.
  • Al-Moataz, E., (2010). The Effectiveness of Audit Committees in the Kingdom of Saudi Arabia. Saarbrücken, Germany: Lap Lambert Academic Publishing.
  • Alrshah, A. M., (2015). An empirical analysis of audited financial statements reliability: Mediating role of auditor quality. International Journal of Finance and Accounting, 4 (3), 172-179.
  • Alrshah, A.M. and Fadzil, F., (2013). The impact of Corporate Governance reforms on External Auditor Quality and Reliability of Audited Financial Statements: Evidence from Libya. In: International Conference on Business Innovation, Entrepreneurship and Engineering (ICOBIEE2013), Penang, Malaysia, 6th to 8th December 2013. pp. 1-10.
  • Alzeban, A. and Sawan, N., (2015). The impact of audit committee characteristics on the implementation of internal audit recommendations. Journal of International Accounting, Auditing and Taxation, 24, 61-71.
  • Aribi, Z.A. and Gao, S., (2010). Corporate social responsibility disclosure: A comparison between Islamic and conventional financial institutions. Journal of Financial Reporting and Accounting, 8 (2), 72-91.
  • Bardhan, I., Lin, S. and Wu, S., (2015). The quality of internal control over financial reporting in family firms. Accounting Horizons, 29 (1), 41-60.
  • Barghathi, Y., Collison, D. and Crawford, L., (2017). Earnings management in Libyan commercial banks: perceptions of stakeholders. International Journal of Accounting, Auditing and Performance Evaluation, 13 (2), 123-149.
  • Abdel-Rahman, Yousri, (1995), “Islamic securities in Muslim stock markets, and an assessment of the need for an Islamic secondary market,” Islamic Economic Studies 3:1 (1995), 1–37. (Downloadable from www.irti.org)
  • Beasley, M. S., Carcello, J. V., Hermanson, D. R., & Neal, T. L., (2009). The audit committee oversight process. Contemporary Accounting Research, 26 (1), 65-122.
  • Bédard, J. and Compernolle, T., (2014). The External Auditor and the Audit Committee. Routledge Companion to Auditing, Edited by David Hay, W. Robert Knechel and Marleen Willekens, 2014., Available at SSRN: https://ssrn.com/abstract=2423389.
  • Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees., (1999). Report and recommendations of the blue ribbon committee on improving the effectiveness of corporate audit committees. New York: New York Stock Exchange and National Association of Securities Dealers.:
  • Boubakri, N., Cosset, J. and Guedhami, O., (2005). Liberalization, corporate governance and the performance of privatized firms in developing countries. Journal of Corporate Finance, 11 (5), 767-790.
  • Braswell, M., Daniels, R. B., Landis, M., & Chang, C. A., (2012). Characteristics of diligent audit committees. Journal of Business & Economics Research (JBER), 10 (4), 191-206.
  • Campbell, J.L., et al., (2013). Are audit committee stock options, non-option equity and compensation mix associated with financial reporting quality? [online], pp. 1-53. Available at: https://www.globalequity.org/geo/sites/default/files/SSRN-id1937170.pdf. [Accessed 18 March 2018].
  • Central Bank of Libya (CBL), (2010). Executive Position for Monetary and Banking Policy - During the Period 2002– 2010. Tripoli – Libya.
  • Cohen, J. R., Gaynor, L. M., Holder-Webb, L. L., & Montague, N., (2008). Management's discussion and analysis: Implications for audit practice and research. Current Issues in Auditing, 2 (2), A26-A35.
  • Cohen, J., Krishnamoorthy, G., & Wright, A. M., (2002). Corporate governance and the audit process. Contemporary Accounting Research, 19 (4), 573-594.
  • ________, (2004). The corporate governance mosaic and financial reporting quality. Journal of Accounting Literature, 87-152. Available at SSRN: https://ssrn.com/abstract=1086743.
  • Corbin, J. and Strauss, A., 2008. Basics of qualitative research: Techniques and procedures for developing grounded theory. 3rd ed. Thousand Oaks, California: Sage Publishing Inc.
  • Eldlimi, M. A., Aziz, M. R. A., & Ibrahim, M. F., (2013). Implementing management information system in Libyan Islamic financial institutions. The 5th Islamic Economic System Conference (IECONS 2013), at Berjaya Times Square, Kuala Lumpur.
  • Elgharbawy, A., et al., (2016). Does compliance with corporate governance code hinder corporate entrepreneurship? Evidence from the UK. Corporate Governance, 16 (4), 765- 784.
  • Elkrghli, S. and Yahya, A., (2018). Bankers’ Views Towards Islamic Banking and Islamic Marketing: The Case of Libyan Main Wahda Bank in Benghazi City. Management Studies, 6 (1), 37-55.
  • Fichtner, J. R., (2010). The recent international growth of mandatory audit committee requirements. International Journal of Disclosure and Governance, 7 (3), 227-243.
  • FISS, P.C., (2008). Institutions and Corporate Governance. In: Greenwood, R., ET AL., 2008, ed., The SAGE Handbook of Organizational Institutionalism. London: Sage Publication Ltd, 2007, pp. 389-410.
  • Gitundu, E.W., et al., (2016). The Effects of Ownership and Corporate Governance Reforms on Efficiency of Privatized Companies in Kenya. International Journal of Economics and Financial Issues, 6 (1).
  • Goff, M., (2013). An Accounting Student’s Take on the PCAOB’s New Auditing Standard: No. 16. Journal of Creative and Scholarly Works [online], pp 30-35. Available at: http://www.highpoint.edu/urcw/files/2013/07/innovation-FINAL-VERSION-vol1.pdf#page=30. [Accessed 05 March 2017].
  • Greenwood, R., Hinings, C. and Whetten, D., (2014). Rethinking institutions and organizations. Journal of Management Studies, 51 (7), 1206-1220.
  • Greenwood, R., Oliver, C., Suddaby, R., & Sahlin-Andersson, K., 2008. The SAGE Handbook of Organizational Institutionalism. London: Sage Publication Ltd, 2007.
  • Hussainey, K. and Hassanein, A., (2017). Guest Editorial. Journal of Financial Reporting and Accounting, 15 (3), 266-268.
  • Hussey, J., & Hussey, R., (1997). Business research: A practical guide for undergraduate and postgraduate students. Basingstoke, UK: Palgrave MacMillan
  • Iswaissi, H. and Falahati, K., 2017. Challenges to Corporate Governance Practices: Case Study of Libyan Commercial Banks. Corporate Governance and Sustainability Review, 1 (1), 33-42.
  • Kalbers, L. P., & Fogarty, T. J., (1998). Organizational and economic explanations of audit committee oversight. Journal of Managerial Issues, 10 (2), (Summer 1998), 129-150.
  • Keune, M. B., & Johnstone, K. M., (2012). Materiality judgments and the resolution of detected misstatements: The role of managers, auditors, and audit committees. The Accounting Review, 87 (5), 1641-1677.
  • Khlif, H. and Samaha, K., (2016). Audit committee activity and internal control quality in Egypt: does external auditor’s size matter? Managerial Auditing Journal, 31 (3), 269-289.
  • Larbsh, M.M., (2010). An Evaluation of Corporate Governance Practice in Libya: Stakeholders’ Perspectives. Ph.D. thesis., Nottingham Trent University.
  • Liao, C. and Hsu, A.W., (2013). Common Membership and Effective Corporate Governance: Evidence from Audit and Compensation Committees. Corporate Governance: An International Review, 21 (1), 79-92.
  • Magrus, A. A. A., (2012). Corporate Governance Practices in Developing Countries: The Case of Libya. Ph.D. thesis., University of Gloucestershire.
  • Mangena, M. and Pike, R., (2005). The effect of audit committee shareholding, financial expertise and size on interim financial disclosures. Accounting and Business Research, 35 (4), 327-349.
  • Masoud, N., (2014a). What the Libyan Economy Can Learn from Emerging Countries. In: The 2010 University of Huddersfield Annual Learning and Teaching Conference,
  • University of Huddersfield, Huddersfield, UK: Available at SSRN: https://ssrn.com/abstract=2429827
  • ________, (2014b). Does Islamic banking contribute to Sharia law: Critical issues on Libyan banking and financial markets. [online], (April 17, 2017) Available at: SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2426291 .
  • Okeahalam, C.C., (2004). Corporate governance and disclosure in Africa: Issues and challenges. Journal of Financial Regulation and Compliance, 12 (4), 359-370.
  • Oxner, T. and Oxner, K., (2006). Boom time for internal audit professionals: thanks to the profession's growing stature, internal auditors are enjoying higher salaries and greater career opportunities, The IIA's latest Job Market Survey reports. The Internal Auditor: Journal of the Institute of Internal Auditors, 63.2006 (3), 50-57.
  • Pietkiewicz, I. and Smith, J.A., (2014). A practical guide to using interpretative phenomenological analysis in qualitative research psychology. Psychological Journal, 20 (1), 7-14.
  • Ramlan, R., Omar, S. S., Chan, S. W., Yassin, A. M., & Joy, C. K., (2015). Knowledge management in NGOs: A preliminary study in Malaysia. Advanced Science Letters, 21 (5), 1579-1583.
  • Rezaee, Z., (2009). Corporate Governance and Ethics. New York, USA: John Wiley & Sons, Inc.
  • Rich, K. T., & Zhang, J. X., (2014). Does audit committee monitoring matter in the government sector? evidence from municipal internal control quality. Journal of Governmental & Nonprofit Accounting, 3 (1), 58-80.
  • Ritchie, J., et al., (2013). Qualitative research practice: A guide for social science students and researchers. 2nd ed. London: Sage Publishing Ltd.
  • Rustam, S., Rashid, K., & Zaman, K., (2013). The relationship between audit committees, compensation incentives and corporate audit fees in Pakistan. Economic Modelling, 31, (March), 697-716.
  • Saunders, M., Lewis, P., & Thornhill, A., (2009). Research methods for business students (5th ed.). Harlow, UK: Pearson Education Limited.
  • Schroeder, R.G., Clark, M.W. and Cathey, J.M., (2014). Financial accounting theory and analysis: text and cases. 12th ed. Hoboken, NJ, USA: John Wiley & Sons, Inc.
  • Smith, R., (2003). Audit committees combined code guidance: A report and proposed guidance by an FRC-appointed group. London: Financial Reporting Council (FRC).
  • Solomon, J., (2013). Corporate Governance and Accountability 4th ed. Chichester, UK: John Wiley & Sons.
  • Stela, A. and Bardai, B., (2013). The Extent of Market Acceptance of the Development of an Effective Islamic Banking System in Libya. Journal of Economics, Business and Management, 1 (1), 54-56.
  • Stela, A.K.A. and Abdulsalam, A.A.A., (2016). The Citizens satisfaction level on the Islamic banking system of Libya. Journal of Economics and Finance (IOSR-JEF), 7 (6), 12-22.
  • Turley, S. and Zaman, M., (2004). The corporate governance effects of audit committees. Journal of Management and Governance, 8 (3), 305-332.
  • ________, (2007). Audit committee effectiveness: informal processes and behavioural effects. Accounting, Auditing & Accountability Journal, 20 (5), 765-788.
  • ________, (2014). The corporate governance effects of audit committee. Accounting and regulation. Berlin, Germany: Springer, 2014, pp. 133-159.
  • UK Trade & Investment, (2014). Libya: 2014/2015 Discovering Business: London UK: Allurentis Limited. Available at: http://www.libyaholdings.com/pdf/Libya-Discovering-Business2014.pdf [Accessed 15 March 2016].
  • Zaed, M., Garoum, O. and Aldaif, M., (2016). Origin of the Islamic Banking Business in Traditional Libyan Banks. International Journal of Scientific and Research Publications, 6 (4), 422-425.
  • Zagoub, A. A., 2016. Concept and practices of corporate governance in Libyan commercial banks: A stakeholders perspective. Journal of Economics and Business Studies, 3 (2), 1-14.

The Role of Audit Committees in the Libyan Banking Sector as it Transforms into an Islamic System

Year 2019, , 1 - 22, 31.07.2019
https://doi.org/10.25272/ijisef.485437

Abstract

This paper aims to explore the role of audit committees (ACs) in the
Libyan banking sector (LBS) and to investigate the impact on AC practice of the
sector’s recent shift to an Islamic banking system. Little is known about the
role of these committees, which were only made compulsory in Libya in 2010.

The findings support agency theory in that they perceived these
committees as being responsible for reviewing financial statements, the
internal auditing function and the external audit process. However, the
perception was that ACs are not currently carrying out these responsibilities
effectively; participants perceived ACs as spending too little time reviewing
financial statements, rarely challenging weaknesses in the work of internal auditors
and seldom following up or supervising the work of external auditors. One
explanation for this state of affairs is that ACs in the LBS are primarily
designed to create legitimacy outside the organisation rather than to effect
radical change within it. The study also found that it is not the
application of Islamic law per se that is perceived as having an adverse impact
on AC practice in the LBS, but the speed at which this transition is taking
place in an already weak banking environment.





This research helps expand our knowledge of current AC practice as a key
mechanism of corporate governance (CG) by being the first to investigate how
this role is performed in Libyan banks, which are in the early stages of
implementing Islamic law. The research is also important because it addresses
an information gap in the accounting literature by investigating AC
effectiveness in a developing country, a context which is still poorly
understood.

References

  • Abdalla, M. A., Aziz, M. R., & Johari, F., (2015). Analyzing The Impact of Banking Laws and Legislations on the Converting of Conventional Banks into Islamic in Libya. International Journal of Management and Applied Research, 2 (4), 156-171.
  • Abdou, M. A., (2015). Towards a New Solution of Minority Shareholder Protection in Libya: Letting the Minority Shareholders have a Voice. Ph.D. thesis, University of Glasgow.
  • Abdulsaleh, A.M., (2017). The introduction of Islamic finance in Libya: Capturing the opportunities for SMEs development. Journal of Emerging Economies & Islamic Research, 5 (1), 39-48.
  • Abernathy, J. L., Herrmann, D., Kang, T., & Krishnan, G. V., (2013). Audit Committee Financial Expertise and Properties of Analyst Earnings Forecasts. Advances in Accounting, 29 (1), 1-11.
  • Ahmad, N., Othman, R., Othman, R., & Jusoff, K., (2009). The Effectiveness of Internal Audit in Malaysian Public Sector. Journal of Modern Accounting and Auditing, 5 (9), 53-62.
  • Aldredge, M., Cooley, G. and Mallett, T., (2017). The Development of Theory in Accounting Research. Journal of Business and Management (IOSR-JBM), 19 (1), 27-29.
  • Al-Moataz, E., (2010). The Effectiveness of Audit Committees in the Kingdom of Saudi Arabia. Saarbrücken, Germany: Lap Lambert Academic Publishing.
  • Alrshah, A. M., (2015). An empirical analysis of audited financial statements reliability: Mediating role of auditor quality. International Journal of Finance and Accounting, 4 (3), 172-179.
  • Alrshah, A.M. and Fadzil, F., (2013). The impact of Corporate Governance reforms on External Auditor Quality and Reliability of Audited Financial Statements: Evidence from Libya. In: International Conference on Business Innovation, Entrepreneurship and Engineering (ICOBIEE2013), Penang, Malaysia, 6th to 8th December 2013. pp. 1-10.
  • Alzeban, A. and Sawan, N., (2015). The impact of audit committee characteristics on the implementation of internal audit recommendations. Journal of International Accounting, Auditing and Taxation, 24, 61-71.
  • Aribi, Z.A. and Gao, S., (2010). Corporate social responsibility disclosure: A comparison between Islamic and conventional financial institutions. Journal of Financial Reporting and Accounting, 8 (2), 72-91.
  • Bardhan, I., Lin, S. and Wu, S., (2015). The quality of internal control over financial reporting in family firms. Accounting Horizons, 29 (1), 41-60.
  • Barghathi, Y., Collison, D. and Crawford, L., (2017). Earnings management in Libyan commercial banks: perceptions of stakeholders. International Journal of Accounting, Auditing and Performance Evaluation, 13 (2), 123-149.
  • Abdel-Rahman, Yousri, (1995), “Islamic securities in Muslim stock markets, and an assessment of the need for an Islamic secondary market,” Islamic Economic Studies 3:1 (1995), 1–37. (Downloadable from www.irti.org)
  • Beasley, M. S., Carcello, J. V., Hermanson, D. R., & Neal, T. L., (2009). The audit committee oversight process. Contemporary Accounting Research, 26 (1), 65-122.
  • Bédard, J. and Compernolle, T., (2014). The External Auditor and the Audit Committee. Routledge Companion to Auditing, Edited by David Hay, W. Robert Knechel and Marleen Willekens, 2014., Available at SSRN: https://ssrn.com/abstract=2423389.
  • Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees., (1999). Report and recommendations of the blue ribbon committee on improving the effectiveness of corporate audit committees. New York: New York Stock Exchange and National Association of Securities Dealers.:
  • Boubakri, N., Cosset, J. and Guedhami, O., (2005). Liberalization, corporate governance and the performance of privatized firms in developing countries. Journal of Corporate Finance, 11 (5), 767-790.
  • Braswell, M., Daniels, R. B., Landis, M., & Chang, C. A., (2012). Characteristics of diligent audit committees. Journal of Business & Economics Research (JBER), 10 (4), 191-206.
  • Campbell, J.L., et al., (2013). Are audit committee stock options, non-option equity and compensation mix associated with financial reporting quality? [online], pp. 1-53. Available at: https://www.globalequity.org/geo/sites/default/files/SSRN-id1937170.pdf. [Accessed 18 March 2018].
  • Central Bank of Libya (CBL), (2010). Executive Position for Monetary and Banking Policy - During the Period 2002– 2010. Tripoli – Libya.
  • Cohen, J. R., Gaynor, L. M., Holder-Webb, L. L., & Montague, N., (2008). Management's discussion and analysis: Implications for audit practice and research. Current Issues in Auditing, 2 (2), A26-A35.
  • Cohen, J., Krishnamoorthy, G., & Wright, A. M., (2002). Corporate governance and the audit process. Contemporary Accounting Research, 19 (4), 573-594.
  • ________, (2004). The corporate governance mosaic and financial reporting quality. Journal of Accounting Literature, 87-152. Available at SSRN: https://ssrn.com/abstract=1086743.
  • Corbin, J. and Strauss, A., 2008. Basics of qualitative research: Techniques and procedures for developing grounded theory. 3rd ed. Thousand Oaks, California: Sage Publishing Inc.
  • Eldlimi, M. A., Aziz, M. R. A., & Ibrahim, M. F., (2013). Implementing management information system in Libyan Islamic financial institutions. The 5th Islamic Economic System Conference (IECONS 2013), at Berjaya Times Square, Kuala Lumpur.
  • Elgharbawy, A., et al., (2016). Does compliance with corporate governance code hinder corporate entrepreneurship? Evidence from the UK. Corporate Governance, 16 (4), 765- 784.
  • Elkrghli, S. and Yahya, A., (2018). Bankers’ Views Towards Islamic Banking and Islamic Marketing: The Case of Libyan Main Wahda Bank in Benghazi City. Management Studies, 6 (1), 37-55.
  • Fichtner, J. R., (2010). The recent international growth of mandatory audit committee requirements. International Journal of Disclosure and Governance, 7 (3), 227-243.
  • FISS, P.C., (2008). Institutions and Corporate Governance. In: Greenwood, R., ET AL., 2008, ed., The SAGE Handbook of Organizational Institutionalism. London: Sage Publication Ltd, 2007, pp. 389-410.
  • Gitundu, E.W., et al., (2016). The Effects of Ownership and Corporate Governance Reforms on Efficiency of Privatized Companies in Kenya. International Journal of Economics and Financial Issues, 6 (1).
  • Goff, M., (2013). An Accounting Student’s Take on the PCAOB’s New Auditing Standard: No. 16. Journal of Creative and Scholarly Works [online], pp 30-35. Available at: http://www.highpoint.edu/urcw/files/2013/07/innovation-FINAL-VERSION-vol1.pdf#page=30. [Accessed 05 March 2017].
  • Greenwood, R., Hinings, C. and Whetten, D., (2014). Rethinking institutions and organizations. Journal of Management Studies, 51 (7), 1206-1220.
  • Greenwood, R., Oliver, C., Suddaby, R., & Sahlin-Andersson, K., 2008. The SAGE Handbook of Organizational Institutionalism. London: Sage Publication Ltd, 2007.
  • Hussainey, K. and Hassanein, A., (2017). Guest Editorial. Journal of Financial Reporting and Accounting, 15 (3), 266-268.
  • Hussey, J., & Hussey, R., (1997). Business research: A practical guide for undergraduate and postgraduate students. Basingstoke, UK: Palgrave MacMillan
  • Iswaissi, H. and Falahati, K., 2017. Challenges to Corporate Governance Practices: Case Study of Libyan Commercial Banks. Corporate Governance and Sustainability Review, 1 (1), 33-42.
  • Kalbers, L. P., & Fogarty, T. J., (1998). Organizational and economic explanations of audit committee oversight. Journal of Managerial Issues, 10 (2), (Summer 1998), 129-150.
  • Keune, M. B., & Johnstone, K. M., (2012). Materiality judgments and the resolution of detected misstatements: The role of managers, auditors, and audit committees. The Accounting Review, 87 (5), 1641-1677.
  • Khlif, H. and Samaha, K., (2016). Audit committee activity and internal control quality in Egypt: does external auditor’s size matter? Managerial Auditing Journal, 31 (3), 269-289.
  • Larbsh, M.M., (2010). An Evaluation of Corporate Governance Practice in Libya: Stakeholders’ Perspectives. Ph.D. thesis., Nottingham Trent University.
  • Liao, C. and Hsu, A.W., (2013). Common Membership and Effective Corporate Governance: Evidence from Audit and Compensation Committees. Corporate Governance: An International Review, 21 (1), 79-92.
  • Magrus, A. A. A., (2012). Corporate Governance Practices in Developing Countries: The Case of Libya. Ph.D. thesis., University of Gloucestershire.
  • Mangena, M. and Pike, R., (2005). The effect of audit committee shareholding, financial expertise and size on interim financial disclosures. Accounting and Business Research, 35 (4), 327-349.
  • Masoud, N., (2014a). What the Libyan Economy Can Learn from Emerging Countries. In: The 2010 University of Huddersfield Annual Learning and Teaching Conference,
  • University of Huddersfield, Huddersfield, UK: Available at SSRN: https://ssrn.com/abstract=2429827
  • ________, (2014b). Does Islamic banking contribute to Sharia law: Critical issues on Libyan banking and financial markets. [online], (April 17, 2017) Available at: SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2426291 .
  • Okeahalam, C.C., (2004). Corporate governance and disclosure in Africa: Issues and challenges. Journal of Financial Regulation and Compliance, 12 (4), 359-370.
  • Oxner, T. and Oxner, K., (2006). Boom time for internal audit professionals: thanks to the profession's growing stature, internal auditors are enjoying higher salaries and greater career opportunities, The IIA's latest Job Market Survey reports. The Internal Auditor: Journal of the Institute of Internal Auditors, 63.2006 (3), 50-57.
  • Pietkiewicz, I. and Smith, J.A., (2014). A practical guide to using interpretative phenomenological analysis in qualitative research psychology. Psychological Journal, 20 (1), 7-14.
  • Ramlan, R., Omar, S. S., Chan, S. W., Yassin, A. M., & Joy, C. K., (2015). Knowledge management in NGOs: A preliminary study in Malaysia. Advanced Science Letters, 21 (5), 1579-1583.
  • Rezaee, Z., (2009). Corporate Governance and Ethics. New York, USA: John Wiley & Sons, Inc.
  • Rich, K. T., & Zhang, J. X., (2014). Does audit committee monitoring matter in the government sector? evidence from municipal internal control quality. Journal of Governmental & Nonprofit Accounting, 3 (1), 58-80.
  • Ritchie, J., et al., (2013). Qualitative research practice: A guide for social science students and researchers. 2nd ed. London: Sage Publishing Ltd.
  • Rustam, S., Rashid, K., & Zaman, K., (2013). The relationship between audit committees, compensation incentives and corporate audit fees in Pakistan. Economic Modelling, 31, (March), 697-716.
  • Saunders, M., Lewis, P., & Thornhill, A., (2009). Research methods for business students (5th ed.). Harlow, UK: Pearson Education Limited.
  • Schroeder, R.G., Clark, M.W. and Cathey, J.M., (2014). Financial accounting theory and analysis: text and cases. 12th ed. Hoboken, NJ, USA: John Wiley & Sons, Inc.
  • Smith, R., (2003). Audit committees combined code guidance: A report and proposed guidance by an FRC-appointed group. London: Financial Reporting Council (FRC).
  • Solomon, J., (2013). Corporate Governance and Accountability 4th ed. Chichester, UK: John Wiley & Sons.
  • Stela, A. and Bardai, B., (2013). The Extent of Market Acceptance of the Development of an Effective Islamic Banking System in Libya. Journal of Economics, Business and Management, 1 (1), 54-56.
  • Stela, A.K.A. and Abdulsalam, A.A.A., (2016). The Citizens satisfaction level on the Islamic banking system of Libya. Journal of Economics and Finance (IOSR-JEF), 7 (6), 12-22.
  • Turley, S. and Zaman, M., (2004). The corporate governance effects of audit committees. Journal of Management and Governance, 8 (3), 305-332.
  • ________, (2007). Audit committee effectiveness: informal processes and behavioural effects. Accounting, Auditing & Accountability Journal, 20 (5), 765-788.
  • ________, (2014). The corporate governance effects of audit committee. Accounting and regulation. Berlin, Germany: Springer, 2014, pp. 133-159.
  • UK Trade & Investment, (2014). Libya: 2014/2015 Discovering Business: London UK: Allurentis Limited. Available at: http://www.libyaholdings.com/pdf/Libya-Discovering-Business2014.pdf [Accessed 15 March 2016].
  • Zaed, M., Garoum, O. and Aldaif, M., (2016). Origin of the Islamic Banking Business in Traditional Libyan Banks. International Journal of Scientific and Research Publications, 6 (4), 422-425.
  • Zagoub, A. A., 2016. Concept and practices of corporate governance in Libyan commercial banks: A stakeholders perspective. Journal of Economics and Business Studies, 3 (2), 1-14.
There are 67 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Abdulhakim Mohamed Masli

Musa Mangena This is me

Donald Harradine This is me

Publication Date July 31, 2019
Published in Issue Year 2019

Cite

APA Masli, A. M., Mangena, M., & Harradine, D. (2019). The Role of Audit Committees in the Libyan Banking Sector as it Transforms into an Islamic System. International Journal of Islamic Economics and Finance Studies, 5(2), 1-22. https://doi.org/10.25272/ijisef.485437

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