Examining the Extent of Compliance on Combined Assurance Reporting Quality: Evidence from Namibian State-owned Enterprises
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Adeyemi Adebayo
Barry Ackers
Olayinka Erin
Abstract
Objective: the objective of this paper is to explore the extent of compliance on combined assurance model, which is an innovative corporate governance and management tool that integrates and optimizes all assurance services and functions to support the integrity of organizational external reports. Theoretical approach: based on this premise, this study analyzes the compliance of SOEs in Namibia with the requirements of the combined assurance model or how they have explained their non-compliance in their annual/integrated reports. Methods: we developed a combined assurance compliance reporting quality (CACRQ) checklist, which we applied using content analysis to the publicly available annual/integrated reports of Tier 1, 2, and 3 SOEs in Namibia. Results: the study found that most of the SOEs have not adopted the combined assurance model. Further findings indicate that the SOEs’ report on compliance with the combined assurance model lacks quality in terms of what a combined assurance report should entail, with the exception of the assurance strategy. Their reports may not convince stakeholders that internal controls have been adequately carried out, which is the main goal of a combined assurance report. Conclusions: we conclude by highlighting the policy implications of the findings and pointing to future research areas.
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Adebayo, A., Ackers, B., & Erin, O. (2024). Examining the Extent of Compliance on Combined Assurance Reporting Quality: Evidence from Namibian State-owned Enterprises. Journal of Contemporary Administration, 28(5), e240173. https://doi.org/10.1590/1982-7849rac2024240173.en
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References
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Forte, J., & Barac K. (2015). Combined assurance: A systematic process. Southern African Journal of Accountability and Auditing Research, 17(2), 2015-2071. https://hdl.handle.net/10520/EJC181713
Ghani, E. K., Jamal, J., Puspitasari, E., & Gunardi, A. (2018). Factors influencing integrated reporting practices among Malaysian public listed real property companies: A sustainable development effort. International Journal of Managerial and Financial Accounting, 10(2), 144-162. https://doi.org/10.1504/IJMFA.2018.091662
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Keasey, K., & Wright, M. (1993). Issues in corporate accountability and governance: An editorial. Accounting and Business Research, 23(Sup1), 291-303. https://doi.org/10.1080/00014788.1993.9729897
Kılıç, M., & Kuzey, C. (2018). Factors influencing sustainability reporting: Evidence from Turkey. SSRN. http://doi.org/10.2139/ssrn.3098812
Liu, Z., Jubb, C., & Abhayawansa, S. (2019). Analysing and evaluating integrated reporting: Insights from applying a normative benchmark. Journal of Intellectual Capital, 20(2), 235-263. https://doi.org/10.1108/JIC-02-2018-0031
Mackieson, P., Shlonsky, A., & Connolly, M. (2019). Increasing rigor and reducing bias in qualitative research: A document analysis of parliamentary debates using applied thematic analysis. Qualitative Social Work, 18(6), 1-16. https://doi.org/10.1177/1473325018786996
Maroun, W., & Prinsloo, A. (2020). Drivers of combined assurance in a sustainable development context: Evidence from integrated reports. Business Strategy and the Environment, 29(8), 3702-3719. https://doi.org/10.1002/bse.2606
Nakib, M., & Dey, P.K. (2018). The journey towards integrated reporting in Bangladesh. Asian Economic and Financial Review, 8(7), 894-913. https://doi.org/10.18488/journal.aefr.2018.87.894.913
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Phang, S. Y., & Hoang, H. (2021). Does positive CSR increase willingness to invest in a company based on performance? The incremental role of combined assurance. Accounting and Finance, 61(4), 5631-5654. https://doi.org/10.1111/acfi.12771
Pistoni, A., Songini, L., & Bavagnoli, F. (2018). Integrated reporting quality: An empirical analysis. Corporate Social Responsibility and Environmental Management, 25(4), 489- 507. https://doi.org/10.1002/csr.1474
rice Waterhouse Coopers. (2014). Implementing approriate levels of combined assurance. In Price Waterhouse Coopers. https://www.studocu.com/en-za/document/university-ofsouth-africa/strategic-implementation-and-control-iiib/combined-assurance-brochure-jan-2015/5308052
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Prinsloo, A., & Maroun, W. (2021). An exploratory study on the components and quality of combined assurance in an integrated or a sustainability reporting setting. Sustainability Accounting, Management and Policy Journal, 12(1), 1-29. https://doi.org/10.1108/SAMPJ-05-2019-0205
Richard, G., & Odendaal, E. (2021). Credibility-enhancing mechanisms, other than external assurance, in integrated reporting. Journal of Management and Governance, 25(1), 61-93. https://doi.org/10.1007/s10997-020-09509-x
Rivera-Arrubla, Y. A., Zorio-Grima, A., & García-Benau, M. A. (2017). Integrated reports: Disclosure level and explanatory factors. Social Responsibility Journal, 13(1), 155-176. https://doi.org/10.1108/SRJ-02-2016-0033
Ruiz-Lozano, M., & Tirado-Valencia, P. (2016). Do industrial companies respond to the guiding principles of the Integrated Reporting framework? A preliminary study on the first companies joined to the initiative. Revista de Contabilidad-Spanish Accounting Review, 19(2), 252-260. https://doi.org/10.1016/j.rcsar.2016.02.001
Smith, J., & Noble, H. (2014). Bias in research. Evidence-Based Nursing, 17(4), 100-101. https://doi.org/10.1136/eb-2014-101946
Thomas, A. (2012). Governance at South African state‐owned enterprises: What do annual reports and the print media tell us? Social Responsibility Journal, 8(4), 448-470. https://doi.org/10.1108/17471111211272057
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Zhou, S., Simnett, R., & Hoang, R. S. H. (2019). Evaluating combined assurance as a new credibility enhancement technique. Auditing, 38(2), 235-259. https://doi.org/10.2308/ajpt-52175
Ackers, B. (2014). Characteristics of Corporate Social Responsibility. University of South Africa.
Ackers, B., & Adebayo, A. (2022). The adoption of integrated reporting by state-owned enterprises (SOEs) – an international comparison. Social Responsibility Journal, 18(8), 1587- 1612. https://doi.org/10.1108/SRJ-05-2021-0194
Adebayo, A., & Ackers, B. (2023). Adoption of the combined assurance model by South African state-owned enterprises (SOEs). National Accounting Review, 5(1), 41-66. https://doi.org/10.3934/nar.2023004
Aharoni, Y. (1981). Performance evaluation of state-owned enterprises: A process perspective. Management Science, 27(11), 1340-1347. https://www.jstor.org/stable/2631221
Ampri, A. N. I., & Adhariani, D. (2019). Application of combined assurance as a new approach to integrate internal audit, governance, and risk management: A case study on Indonesia financial service authority. Advances in Economics, Business and Management Research, 101(2018), 29-33. https://doi.org/10.2991/iconies-18.2019.5
Binder Dijker Otte. (2017). Combined assurance in an uncertain world. https://www.linkedin.com/pulse/combinedassurance-uncertain-world-george-williams/
Bovens, M., Schillemans, T., & Goodin, R. E. (2014). Public accountability. In M. Bovens, R. E. Goodin, & T. Schillemans (Eds), The Oxford Handbook of Public Accountability (pp. pp. 1-20). Oxford University Press.
Chariri, A. (2019). The patterns of integrated reporting: A comparative study of companies listed on the Johannesburg stock exchanges and Indonesia stock exchanges. Jurnal Reviu Akuntansi dan Keuangan, 9(1), 1-12. https://doi.org/10.22219/jrak.v9i1.8248
Chikwiri, T. M., & Rosa, S. P. (2015). Internal audit’s role in embedding governance, risk , and compliance in state-owned companies. Southern African Journal of Accountability and Auditing Research, 17(1), 25-39. https://hdl.handle.net/10520/EJC178240
Corporate Governance Framework Research Institute. (2019). Combined assurance: Is your organisation adequately assured? https://www.cgfresearch.co.za/News-Articles/Articles-Editorials/ArticleId/312/combined-assurance-isyour-organisation-adequately-assured-2019-10-01
Cuervo-Cazurra, A., Grosman, A., & Megginson, W. L. (2022). A review of the internationalization of state-owned firms and sovereign wealth funds: Governments’ nonbusiness objectives and discreet power. Journal of International Business Studies, 54, 78-106. https://doi.org/10.1057/s41267-022-00522-w
Daly, J., Kellehear, A., & Gliksman, M. (1997). The public health researcher: A methodological approach. Oxford University Press.
Decaux, L., & Sarens, G. (2015). Implementing combined assurance: Insights from multiple case studies. Managerial Auditing Journal, 30(1), 56-79. https://doi.org/10.1108/MAJ-08-2014-1074
Deloitte. (2016a). The corporate governance code for Namibia: An overview. https://www2.deloitte.com/content/dam/Deloitte/na/Documents/risk/za_Deloitte_NamCode_ Brochure.pdf
Deloitte. (2016b). King IV bolder than ever. https://www2. deloitte.com/za/en/pages/africa-centre-for-corporategovernance/ articles/kingiv-report-on-corporategovernance.html
Development Bank of Namibia. (2021). Annual report 2020-2021. Windhoek. https://www.bon.com.na/CMSTemplates/Bon/Files/bon.com.na/a1/a1dcdabe-2001-447e-85beaed9bbab0cda.pdf
Distribution and Warehousing Network. (2018). Combined assurance. Inegrated report 2018. https://www.sharedata.co.za/data/000232/pdfs/DAWN_ar_mar18.pdf
Donkor, A., Djajadikerta, H. G., & Mat Roni, S. (2021). Impacts of combined assurance on integrated, sustainability and financial reporting qualities: Evidence from listed companies in South Africa. International Journal of Auditing, 25(2), 475-507. https://doi.org/10.1111/ijau.12229
Dubihlela, J., & Solomon, H. (2024). Adoption of a combined assurance framework in South Africa’s provincial government departments: A compliance case study. Jurnal Akuntansi & Auditing Indonesia, 27(2), 182-197. https://doi.org/10.20885/jaai.vol27.iss2.art7
Eccles, R. G., Krzus, M. P. & Solano, C. (2019). A comparative analysis of integrated reporting in ten countries. SSRN. http://doi.org/10.2139/ssrn.3345590
Engelbrecht, L. (2009). King report on governance for South Africa - 2009. Health Promotion Practice, 10(2), 303-305.
Forte, J., & Barac K. (2015). Combined assurance: A systematic process. Southern African Journal of Accountability and Auditing Research, 17(2), 2015-2071. https://hdl.handle.net/10520/EJC181713
Ghani, E. K., Jamal, J., Puspitasari, E., & Gunardi, A. (2018). Factors influencing integrated reporting practices among Malaysian public listed real property companies: A sustainable development effort. International Journal of Managerial and Financial Accounting, 10(2), 144-162. https://doi.org/10.1504/IJMFA.2018.091662
Government Gazette of The Republic of Namibia (2013). Stateowned enterprise governance council. https://www.sharedata.co.za/data/000232/pdfs/DAWN_ar_mar18.pdf
Government of the Republic of Namibia. (2021). Public Enterprises. https://mpe.gov.na/hu/enterprises
Guest, G., MacQueen, K., & Namey, E. (2012). Applied thematic analysis. Sage. Hoang, H., & Phang, S. Y. (2021). How does combined assurance affect the reliability of integrated reports and investors’ judgments? European Accounting Review, 30(1), 175- 195. https://doi.org/10.1080/09638180.2020.1745659
Institute of Directors Southern Africa. (2009). King III report on governance for South Africa. https://cdn.ymaws.com/www.iodsa.co.za/resource/resmgr/king_iii/king_report_on_governance_fo.pdf
Institute of Directors Southern Africa. (2016). King IV report on governance for South Africa. Institute of Directors Southern Africa. https://www.adams.africa/wp-content/uploads/2016/11/King-IV-Report.pdf
Keasey, K., & Wright, M. (1993). Issues in corporate accountability and governance: An editorial. Accounting and Business Research, 23(Sup1), 291-303. https://doi.org/10.1080/00014788.1993.9729897
Kılıç, M., & Kuzey, C. (2018). Factors influencing sustainability reporting: Evidence from Turkey. SSRN. http://doi.org/10.2139/ssrn.3098812
Liu, Z., Jubb, C., & Abhayawansa, S. (2019). Analysing and evaluating integrated reporting: Insights from applying a normative benchmark. Journal of Intellectual Capital, 20(2), 235-263. https://doi.org/10.1108/JIC-02-2018-0031
Mackieson, P., Shlonsky, A., & Connolly, M. (2019). Increasing rigor and reducing bias in qualitative research: A document analysis of parliamentary debates using applied thematic analysis. Qualitative Social Work, 18(6), 1-16. https://doi.org/10.1177/1473325018786996
Maroun, W., & Prinsloo, A. (2020). Drivers of combined assurance in a sustainable development context: Evidence from integrated reports. Business Strategy and the Environment, 29(8), 3702-3719. https://doi.org/10.1002/bse.2606
Nakib, M., & Dey, P.K. (2018). The journey towards integrated reporting in Bangladesh. Asian Economic and Financial Review, 8(7), 894-913. https://doi.org/10.18488/journal.aefr.2018.87.894.913
Namibia Ports Authority. (2020). Integrated Report 2019- 2020. Walvis Bay. https://www.namport.com.na/ files/documents/af7_Annual%20Report%2012%20 months%20ended%2031%20March%202020.pdf
Namibia Stock Exchange. (2014). NamCode. Government Printer. Namibia Post. (2020). Integrated Report 2019-2020. https://www.nampost.com.na/uploads/documents/d9f26d610056a635b2be263b074de37c08a849b9.pdf
Namibia Water Corporation. (2020). Integrated Report 2019- 2020. Windhoek. https://www.namwater.com.na/images/docs/NamWater_2020_Report_2.pdf
Nkonki. (2016). Integrated Reporting: A continued journey for public sector entities in South Africa. http:// integratedreportingsa.org/ircsa/wp-content/uploads/2017/05/Nkonki-Public-Sector.pdf
Okhmatovskiy, I., Grosman, A., & Sun, P. (2021). Hybrid governance of state-owned enterprises. In M. Wright, G. Wood, A. Cuervo-Cazzura, P. Sun, I. Okhmatovskiy, & A. Grosman. (Eds), The Oxford Handbook of State Capitalism and the Firm (pp. pp. 1-25), Oxford University Press.
Organisation for Economic Co-operation and Development. (2005). Corporate governance of state-owned enterprises: A survey of OECD countries. https://doi.org/10.1787/9789264009431-en
Phang, S. Y., & Hoang, H. (2021). Does positive CSR increase willingness to invest in a company based on performance? The incremental role of combined assurance. Accounting and Finance, 61(4), 5631-5654. https://doi.org/10.1111/acfi.12771
Pistoni, A., Songini, L., & Bavagnoli, F. (2018). Integrated reporting quality: An empirical analysis. Corporate Social Responsibility and Environmental Management, 25(4), 489- 507. https://doi.org/10.1002/csr.1474
rice Waterhouse Coopers. (2014). Implementing approriate levels of combined assurance. In Price Waterhouse Coopers. https://www.studocu.com/en-za/document/university-ofsouth-africa/strategic-implementation-and-control-iiib/combined-assurance-brochure-jan-2015/5308052
Price Waterhouse Coopers. (2009). King’s counsel: Understanding and unlockng the benefits of sound corporate governance. https://www.pwc.co.za/en/assets/pdf/executive-guide-tokingiii.pdf
Price Waterhouse Coopers. (2019). Combined assurance (including governance). https://www.gardenroute.gov.za/wp-content/ uploads/2019/06/PWC-Combined-Assurance.pdf
Price Waterhouse Coopers. (2021). A leadership agenda to take on tomorrow. https://www.pwc.com/gx/en/ceo-survey/2021/reports/pwc-24th-global-ceo-survey.pdf
Prinsloo, A., & Maroun, W. (2021). An exploratory study on the components and quality of combined assurance in an integrated or a sustainability reporting setting. Sustainability Accounting, Management and Policy Journal, 12(1), 1-29. https://doi.org/10.1108/SAMPJ-05-2019-0205
Richard, G., & Odendaal, E. (2021). Credibility-enhancing mechanisms, other than external assurance, in integrated reporting. Journal of Management and Governance, 25(1), 61-93. https://doi.org/10.1007/s10997-020-09509-x
Rivera-Arrubla, Y. A., Zorio-Grima, A., & García-Benau, M. A. (2017). Integrated reports: Disclosure level and explanatory factors. Social Responsibility Journal, 13(1), 155-176. https://doi.org/10.1108/SRJ-02-2016-0033
Ruiz-Lozano, M., & Tirado-Valencia, P. (2016). Do industrial companies respond to the guiding principles of the Integrated Reporting framework? A preliminary study on the first companies joined to the initiative. Revista de Contabilidad-Spanish Accounting Review, 19(2), 252-260. https://doi.org/10.1016/j.rcsar.2016.02.001
Smith, J., & Noble, H. (2014). Bias in research. Evidence-Based Nursing, 17(4), 100-101. https://doi.org/10.1136/eb-2014-101946
Thomas, A. (2012). Governance at South African state‐owned enterprises: What do annual reports and the print media tell us? Social Responsibility Journal, 8(4), 448-470. https://doi.org/10.1108/17471111211272057
United States Department of State. (2023). 2023 Investment Climate Statements: Namibia. https://www.state.gov/reports/2023-investment-climate-statements/namibia/
World Bank. (2014). Corporate governance of state-owned enterprises: A toolkit. https://documents1.worldbank.org/curated/en/228331468169750340/pdf/Corporate-governance-ofstate-owned-enterprises-a-toolkit.pdf
Zhou, S., Simnett, R., & Hoang, R. S. H. (2019). Evaluating combined assurance as a new credibility enhancement technique. Auditing, 38(2), 235-259. https://doi.org/10.2308/ajpt-52175