Audit committee practices and accountability: The case of public institutions of higher learning in Uganda.

Abstract

The study examined the relationship between Audit Committee Practices and Accountability of Public Institutions of Higher Learning in Uganda. The study was guided by the following objectives; to establish the relationship between Audit Committee Practices and accountability of Public Institutions of Higher Learning in Uganda; to examine the relationship between the Audit Committee Practices and the Internal Audit function of Public Institutions of Higher Learning in Uganda; and to establish the relationship between Internal Audit function and Accountability in Ugandan Public Institutions of Higher Learning. The cross sectional research design was used for this study and the study used both primary and secondary sources of data. The primary data were collected using a self-administered questionnaire, which had close ended questions about the study variables. The data were collected, sorted and edited and thereafter analyzed using a Statistical Package for Social Scientists (SPSS), in which correlation and regression tests were run to establish the relationship between the study variables. The correlation results indicated significant positive relationship between Audit Committee Practices and Accountability; Audit Committee Practices and the Internal Audit function; and Internal Audit function and Accountability. Results from regression analysis further indicated that Audit Committee Practices and the Internal Audit function predicted 31.3% of the variance in accountability. The study recommends that all institutions of higher learning consider forming stand-alone Audit Committees and provide a framework to develop and enhance their practices to contribute towards improved accountability in the public institutions of higher learning as opposed to merely establishing them for compliance with accountability regulations only.