The Role of Audit Committees in Identifying Financial Risks: A Case Study of MTN Nigeria
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Background of the Study
Audit committees play a critical role in corporate governance by overseeing financial reporting and internal controls. One of their primary responsibilities is identifying and mitigating financial risks to ensure organizational stability and compliance with regulatory standards (ICG, 2023).
MTN Nigeria, a leading telecommunications company, operates in a dynamic and highly regulated environment. Its audit committee's effectiveness in identifying and addressing financial risks is vital to sustaining its competitive edge and maintaining stakeholder trust. This study examines the role of audit committees in identifying financial risks, focusing on MTN Nigeria.
Statement of the Problem
Despite the establishment of audit committees in many Nigerian organizations, their effectiveness in identifying financial risks varies due to factors such as inadequate expertise, weak regulatory frameworks, and limited independence. These challenges can compromise financial stability and expose organizations to unforeseen risks.
This study investigates the role of audit committees in identifying financial risks at MTN Nigeria, exploring their effectiveness and potential areas for improvement.
Objectives of the Study
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To assess the role of audit committees in identifying financial risks in MTN Nigeria.
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To identify challenges affecting the effectiveness of audit committees in financial risk management.
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To recommend strategies for enhancing the effectiveness of audit committees in identifying financial risks.
Research Questions
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What role do audit committees play in identifying financial risks in MTN Nigeria?
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What challenges affect the effectiveness of audit committees in financial risk management?
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What strategies can improve the effectiveness of audit committees in identifying financial risks?
Research Hypotheses
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H₁: Audit committees significantly contribute to identifying financial risks in MTN Nigeria.
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H₂: Challenges such as inadequate expertise reduce the effectiveness of audit committees.
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H₃: Improved training and regulatory frameworks enhance the effectiveness of audit committees.
Scope and Limitations of the Study
The study focuses on MTN Nigeria’s audit committee and its role in identifying financial risks between 2023 and 2025. Limitations include restricted access to internal committee reports and variability in stakeholder perspectives.
Definitions of Terms
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Audit Committees: Subcommittees within a board of directors responsible for oversight of financial reporting and risk management.
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Financial Risks: Potential losses resulting from financial uncertainties, including market fluctuations and operational inefficiencies.
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MTN Nigeria: A leading telecommunications company in Nigeria.
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