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Cited by 150Corporate Governance and Financial ManagementGovernance, Compliance, and SustainabilityCorporate Finance and Governance

Strengthening corporate governance and financial compliance: Enhancing accountability and transparency

Open access
Christianah Pelumi Efunniyi, Angela Omozele Abhulimen, Anwuli Nkemchor Obiki-Osafiele, Olajide Soji Osundare, Edith Ebele Agu, Ibrahim Adedeji Adeniran·2024·Finance & Accounting Research Journal
DOI 10.51594/farj.v6i8.1509
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Abstract

In today's complex business landscape, robust corporate governance and financial compliance are essential for maintaining organizational integrity, accountability, and transparency. This review examines the key components and strategies necessary to enhance these frameworks, ensuring sustainable success and stakeholder trust. Corporate governance encompasses regulatory compliance, risk management, ethical conduct, and stakeholder engagement. Adherence to laws and regulations, such as the Sarbanes-Oxley Act (SOX) and the General Data Protection Regulation (GDPR), is foundational in minimizing legal risks and safeguarding reputation. Effective risk management involves identifying, assessing, and mitigating potential threats to an organization’s financial health and operational integrity through strong internal controls and regular audits. Promoting ethical conduct within organizations is crucial for maintaining trust and reputation. Establishing codes of conduct, ethical guidelines, and whistleblower protections fosters a culture of integrity. Transparent communication and stakeholder engagement ensure that organizational activities align with stakeholder interests and expectations. Enhancing accountability and transparency involves several key strategies. Strong board oversight and independence, characterized by diverse and skilled board members, ensure balanced and objective decision-making. Regular internal and external audits verify financial accuracy and compliance, identifying areas for improvement. Leveraging technology and data analytics is pivotal in modern compliance efforts. Technologies like blockchain, artificial intelligence (AI), and machine learning automate processes, improve accuracy, and provide real-time insights into financial performance and risk management. Transparent regulatory reporting and disclosure practices, adhering to standards such as the International Financial Reporting Standards (IFRS), further enhance stakeholder trust. Continuous training and education for employees and board members on corporate governance principles, regulatory requirements, and ethical standards are vital for fostering a culture of compliance and accountability. Strengthening corporate governance and financial compliance is fundamental for enhancing accountability and transparency. By adopting comprehensive regulatory frameworks, leveraging technology, and promoting ethical conduct, organizations can build trust, mitigate risks, and ensure sustainable growth in a dynamic business environment. Keywords: Corporate Governance, Global Corporations, Harmonization.

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Crossref · 10.51594/farj.v6i8.1509

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72 of 72 references verified0 citation errors · 0 not checkable

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Authors
Efunniyi, C. P., Abhulimen, A. O., Obiki-Osafiele, A. N., Osundare, O. S., Agu, E. E., & Adeniran, I. A.
Venue
Finance & Accounting Research Journal
Publisher
Fair East Publishers
Published
2024-08-31
Volume
6
Issue
8
Pages
1597-1616
ISSN
  • 2708-633X (ISSN-L)
  • 2708-6348
DOI
10.51594/farj.v6i8.1509
OpenAlex
W4402096071
Semantic Scholar
c0a8ba0fba7f2c958081f536eae6a825379124d4
Cited by
150
References
72
Citations by year
2026: 70 · 2025: 70 · 2024: 9 · 2023: 1
FWCI
50.10
Type
journal article
Language
en
Open access
Licence
Locations
Finance & Accounting Research Journal (publishedVersion, cc-by-nc)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Governance and Financial Management
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Governance, Compliance, and Sustainability
  • Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
Keywords
corporate governance, financial compliance, accountability, transparency, Sarbanes-Oxley Act, General Data Protection Regulation, risk management, internal control, auditing, moral behavior, codes of conduct, whistleblower protection, board oversight, board independence, stakeholder engagement, regulatory reporting, disclosure, blockchain, artificial intelligence, machine learning, employee training, organizational reputation

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