نموذج محاسبي مقترح لتفعيل قواعد حوكمة الشركات بسوق الأوراق المالية

Abstract

Abstract The research problem is potent in the need for laying down an accountability model through which clear definition to the Corporate Governance mechanisms and measurement of the impact of these mechanisms in improving the a auditing quality for the shareholders, bondholders, workers in the company and others will be specified, in additional to the honor of the corporation value, transparency consolidation and accounting disclosure in the stock market. Therefore the study problem is potent in the answer of the following questions: Is the commitment with the general principles and basic rules of the Corporate Governance assist in decreasing the interests conflict between Stakeholders in the corporation?. Has the Corporate Governance specific mechanisms that work for increase of the accounting information quality and diminish the investment risks?. Is there essential impact for the environmental conditions, ownership structure and shareholders distribution on the selection of the Corporate Governance model? . Is the application of the Corporate Governance rules provide appropriate information that assist in rectification of the administration performance, stakes management and limitation of conflicts between shareholders, the administration and the governmental bodies in Sudan. ?. This study targets to bring out the corporate Governance mechanism concept, its importance, its most important principles and evaluation of some international experiments and advanced studies to specify the effective mechanisms for the Corporate Governance, building of an accounting model to the government that suit the Sudanese business environment. For the achievement of the above targets the validity of the following hypotheses were tested:- The First Hypothesis : The general principle and basic rules play an important role in application of the Corporate Governance, a matter which assists in limitation of interests conflicts between the stakeholders.. The Second Hypothesis: There are multi-mechanism that assist in activation of the Corporate Governance role, increase of the accounting information quality and decrease of investment risks. The Third Hypothesis: The environmental conditions, ownership structure, shareholders distribution affect the selection of the Corporate Governance Model. The Fourth Hypothesis: Application of the Corporate Governance rules on the registered companies in Khartoum Stock Market lead to the provision of suitable information for rectification of the administration performance, interests management and limitation of conflicts between the shareholders, the administration and the government bodies in Sudan. 8 The researcher reached many results which confirm the validity of the above hypotheses as follows: 1- The general principles and basic rules are regarded the basic source for application of the Corporate Governance and limitation of the conflict of interests between the stakeholder. 2- The internal and external auditors and the auditing committees has prominent role in activation of the governance rules through provision of services that confirm the role of the control systems, evaluation of the risk management operation and follow up of the works of the external auditing. 3- The Choice of the Corporate Governance models and their application in any country depends on the environmental conditions, the ownership structure, distribution of the shareholders, to what extent is the capability of the control supervision bodies in the state, development of the financial market, accounting disclosure and transparency mechanisms. The Corporate Governance assists in provision of true and suitable information that work for consolidation of the call to account operation for the administration and limits the interests conflict between the corporation related bodies. On the light of the above results the following recommendations reached:- 1- Issuance of Corporate Governance Rules and Standards Guide Book in Khartoum Stock Market and binding the registered companies and the auditing offices to use it. 2- Qualification of the auditing offices on how to work with the Corporate Governance Rules and Standards and to write the Corporate Governance Report on the Companies registered in Khartoum Stock Market. 3- Care for independence of the internal and external auditors, and that is through direct appointment of auditing committees by the General Assembly, so as to practice a control role on the Board of Directors, and decrease of the administration pressure on the auditors. 4- Motivation of Khartoum Stock Market Companies, and award of a prize to the best Company that adopt the rules and frames of the Corporate Governance present in the joint stock company and the Rules of Organization of Information Disclosure 2007 in Khartoum Stock Market.