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From Joint To Single Audits Audit Quality Differences And Auditor Pairings
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Book Synopsis From Joint to Single Audits - Audit Quality Differences and Auditor Pairings by : Claus Holm
Download or read book From Joint to Single Audits - Audit Quality Differences and Auditor Pairings written by Claus Holm and published by . This book was released on 2017 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyses audit quality differences between audits by a single big audit firm and joint audits with either one or two big audit firms. We exploit the unique situation in Denmark beginning on 1 January 2005, at which time a long-standing mandatory joint audit system for listed companies was replaced by a voluntary joint audit system. First, we report the results of a survey of Danish CFOs' views on and their experiences with the choice of single or joint audits and their perceptions of audit quality. Second, based on data from the mandatory joint audit abolition year and the following two years, we test the audit quality differences using abnormal accruals. Most CFOs perceive that audit quality by a single big four audit firm is the same as it is in joint audits with either one or two big four audit firms. The results of our empirical analysis are in line with the perceptions. We find no evidence of audit quality differences between audits made by a single big four firm and those conducted by either of the two combinations of joint audits.
Book Synopsis International Corporate Reporting by : Pauline Weetman
Download or read book International Corporate Reporting written by Pauline Weetman and published by Routledge. This book was released on 2020-02-19 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook provides a comprehensive overview of international corporate reporting which enhances students’ understanding of diversity and convergence in the field. The authors discuss the institutional and cultural context in which international corporate reporting has developed over the years as well as the global reach of IFRS Standards from the IASB throughout and beyond the European Union, into interest groups and emerging economies. Other key elements explored throughout the book include assurance through auditing and corporate governance, narrative reporting, strategic and corporate social responsibility, group accounting, current accounting issues and taxation in corporate reports. Indicative research examples show how the methods used in research papers may be understood and applied. Case studies outline short projects based on corporate cases, with related links to material on corporate websites. Helpful and reliable sources of information and data are identified through hyperlinks to accessible websites. End-of-chapter questions encourage discussion of the main issues. Throughout there is a focus on accountability and the information needs of stakeholders. This new edition of a classic text is fully revised and updated in order to remain essential reading for students of international accounting and corporate reporting globally. The book will be an invaluable resource for postgraduate taught programmes and final-year undergraduate courses in accounting, finance and business studies.
Book Synopsis Do Joint Audits Improve Or Impair Audit Quality? by : Mingcherng Deng
Download or read book Do Joint Audits Improve Or Impair Audit Quality? written by Mingcherng Deng and published by . This book was released on 2017 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom holds that joint audits would improve audit quality by enhancing audit evidence precision, because “Two heads are better than one,” and by enhancing auditor independence, because it is more expensive for a company to “bribe” two audit firms than one. Our paper challenges this wisdom. We show that joint audits by one big firm and one small firm may impair audit quality, because, in that situation, joint audits (1) induce a free-riding problem between audit firms, lowering audit evidence precision, and (2) create an opportunity for internal opinion shopping, compromising auditor independence. We further derive a set of empirically testable predictions comparing audit evidence precision, auditor independence, and audit fees under joint and single audits. This paper, the first theoretical study of joint audits, contributes to a better understanding of the economic consequences of joint audits on audit quality.
Book Synopsis The Effect of Joint Auditor Pair Composition on Audit Quality by : Gerald J. Lobo
Download or read book The Effect of Joint Auditor Pair Composition on Audit Quality written by Gerald J. Lobo and published by . This book was released on 2019 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of firms from France, where the law requires the use of two auditors, we study the effect of auditor pair composition on audit quality by examining a specific account, goodwill impairment. We document that firms audited by a Big 4-non-Big 4 auditor pair (BS) are more likely to book an impairment and book a larger impairment than firms audited by a Big 4-Big 4 auditor pair (BB) when low performance indicators suggest a greater likelihood of impairment. Moreover, firms audited by a BB pair reduce impairment disclosures when they book impairments, while firms audited by a BS pair do not, suggesting lower transparency for firms audited by a BB pair. Our results inform investors and firms in mandatory joint audit regimes, as well as regulators who are considering requiring joint audits.
Book Synopsis How Does Joint Provision of Audit and Non-audit Services Affect Audit Quality and Independence? by : David Gwilliam
Download or read book How Does Joint Provision of Audit and Non-audit Services Affect Audit Quality and Independence? written by David Gwilliam and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Auditors' Joint Engagements and Audit Quality by : Pietro A. Bianchi
Download or read book Auditors' Joint Engagements and Audit Quality written by Pietro A. Bianchi and published by . This book was released on 2019 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the effect of auditors' collaboration in joint audit engagements on knowledge transfer, auditor expertise, and audit outcomes. I employ a unique sample of Italian private companies whose financial statements are jointly audited by three individual auditors and use measures from the network literature to capture the intensity of interactions between these auditors. I find a positive association between several audit quality proxies and auditors' collaboration in multiple joint engagements. My results suggest that auditors develop knowledge and contacts through collaboration which potentially leads to higher audit quality. Overall, my findings suggest that joint engagements facilitate knowledge transfer and increase auditor expertise.
Book Synopsis Is Audit Quality Different for Big 4 and Mid-tier Auditors? by :
Download or read book Is Audit Quality Different for Big 4 and Mid-tier Auditors? written by and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Prior research suggests that Big 4 auditors provide higher quality audits by virtue of their large size. Still, the recent reforms mandated by the Sarbanes Oxley Act -- by increasing client and auditor incentives for accurate reporting -- may have narrowed audit quality differences across auditor groups. In this paper, we examine audit quality for Big 4 and Mid-tier auditors during 2003-06 and include clients of other smaller audit firms for comparison purposes. We examine actual audit quality (as proxied by earnings management metrics) as well as perceived audit quality (as proxied by the client- and year-specific eloading and ex ante equity risk premium metrics). We include in our analysis only those Big 4 clients for whom the Mid-tier firms are potentially viable as auditors. Relative to other smaller audit firm clients, we find Big 4 and Mid-tier audit clients to have (1) lower levels of accrual management, (2) higher levels of real earnings management, and (3) higher levels of investor-perceived accruals quality. In each case, we were unable to reject the null that Big 4 and Mid-tier audits are similar. However, we find Big 4 audit clients to have a lower client-specific ex ante equity risk premium relative to both Mid-tier and other smaller audit firm clients. Collectively, our findings indicate that in situations where a Mid-tier auditor is potentially viable, Big 4 clients could utilize a Mid-tier firm without adversely affecting audit quality. Still, the results suggest that Big 4 clients have a lower ex ante cost of equity capital which is likely related to the insurance considerations ("deep pockets") -- rather than the audit quality -- associated with having a Big 4 auditor."
Book Synopsis Differences in Audit Quality Among Audit Firms by : Paul Christian Schauer
Download or read book Differences in Audit Quality Among Audit Firms written by Paul Christian Schauer and published by . This book was released on 1999 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Development of an International Auditing Harmonization Model and the Empirical Testing of One of Its Components by : Susan Pin Pin Teo
Download or read book The Development of an International Auditing Harmonization Model and the Empirical Testing of One of Its Components written by Susan Pin Pin Teo and published by . This book was released on 1989 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Audit Quality and Risk Differences Among Auditors by : Lisa Tilis
Download or read book Audit Quality and Risk Differences Among Auditors written by Lisa Tilis and published by . This book was released on 2008 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study tests for differences in audit quality among Big Auditors and between Big Auditors and Small Auditors. The analysis is conducted using four separate quot;auditor erasquot; during the period from January 1980 through December 2003, with each era reflecting the number of Big Auditors in the industry. We begin by explicitly testing the validity of pooling across Big Auditors and time periods using an industry adjusted measure of the variance of earnings quality. These tests, as a proxy for audit quality, show important differences in quality among Big Auditors and across eras. Based on the recognition of these important differences, intercept tests of auditor based asset portfolios, using a three factor asset pricing model, are used to assess systematic risk differences. Results show that there was only one era in which significant asset pricing effects are seen between Big and Small Auditors, and virtually no differences among Big Auditors, despite significant differences in quality. These results indicate the need for reassessment of arbitrary quality distinctions between Big and Small Auditors made in early research.
Book Synopsis Are Joint Audits Associated with Higher Audit Fees? by : Paul André
Download or read book Are Joint Audits Associated with Higher Audit Fees? written by Paul André and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In its October 2010 Green Paper on audit policy, the European Commission suggested that joint audits might be a way of improving the audit market in Europe. However, some parties consider that a joint audit system is not an efficient solution because the perceived improvements in audit quality, if any, are not commensurate with the significant increase in audit fees. We compare audit fees paid during the years 2007-2011 by listed companies in France, where joint audits are mandatory, with those paid by British and Italian companies. Theory suggests that audit fees in countries with high investor protection, such as the UK, are likely to be greater than those in countries with lower investor protection, such as France and Italy, ceteris paribus. However, we find significantly higher audit fees in France after controlling for well-documented auditor, client, and engagement attributes, which vary across countries. Further, since we do not find statistically significant differences in the magnitude of abnormal accruals, the higher audit fees observed in France do not appear to be associated with higher audit quality.
Book Synopsis Audit Quality Differences Among Big 4 Auditor[s] by : Tyrone Carlin
Download or read book Audit Quality Differences Among Big 4 Auditor[s] written by Tyrone Carlin and published by . This book was released on 2008 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Joint Audit in Audit Quality - Practitioners' Insights by : Oliver Marnet
Download or read book The Role of Joint Audit in Audit Quality - Practitioners' Insights written by Oliver Marnet and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Outside those jurisdictions where joint audit is regularly practiced, this audit model tends to be poorly understood and frequently remains subject to often repeated but unsubstantiated misapprehensions. Meanwhile, even reviews which set out to provide an objective and comprehensive overview of this mechanism may base their insights and recommendations on a somewhat selective analysis of prior research, partial citations, omissions, and discriminatory interpretation of research results. Meanwhile, academic research into external audit suffers from a multitude of methodological difficulties, and results in mixed, inconclusive, and contradictory results, where even minor changes to assumptions, environmental settings, modelling, and data selection can lead to widely differing conclusions. This also applies to research into joint audit , and perhaps more so. One outcome of this mixed experience is that calls for more empirical research along tried and tested, but debateable, methodologies into joint audit may offer limited promise for more persuasive insights on audit quality effects from any this model. This is not particularly helpful to the current discussion on audit reform, or on debates whether particular audit models and mechanisms might contribute to audit quality. In a reflection on decades of audit reform, Humphrey et al. (2018) suggest that there is a need to ask different questions in the exploration of ways and means to enhance the quality of audit and to allow audit to re-engage with its social role. These authors note a need for stakeholders to adopt a much greater diversity of inquiry, including an exploration of lessons from success as well as failure, and to reflect more deeply on the realities and experiences of audit practitioners. In a closely related discussion, Biehl et al. (2021), exploring issues underlying contradictory empirical results in the audit literature, encourage a focus on audit quality enhancing factors (Biehl et al, 2021).By presenting insights from practitioners, regulators, and audit committee chairs with first-hand experience of joint audit, together with reflections from stakeholders less familiar with its application, the present investigation seeks to expand and build on recent reports, inquiries, consultations and policy reform discussions on the role, future, and shape of external audit. Aiming to inform the discussion on audit reform, this study aims to de-mystify joint audit, sheds a critical light on this audit model, and hopes to provide stakeholders with a deeper understanding of what joint audit is, how it works in practice, and which key characteristics of this model may allow it to make a positive contribution to the quality of external audit.
Download or read book Audit Quality written by Gary Kleinman and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of fostering more accurate audits has been heightened by a series of high-profile accounting scandals at the beginning of the millennium. These scandals prompted more stringent regulations over corporate governance and financial reporting and the creation of audit oversight bodies as the Public Accounting Oversight Board (PCAOB) in the U.S. and the Public Oversight Board (POB) in the UK. In parallel, the growing globalization of business has brought forth calls for adherence to a common set of International Financial Reporting Standards (IFRS). Even if a common standard is promulgated, it will not lead to similar results if implementation differs across countries. Therefore, it is important to investigate the auditing regulatory regimes in different nations and the status of cross-border audit inspections. Accordingly, we begin by describing the cross-national institutions (e.g., the International Federation of Accountants [IFAC]) that impact national regulatory choices. Then we survey the audit regulatory practices of public company auditors of a select group of major economic powers and based on this analysis, we discuss the challenges and obstacles to engaging in intra-national audit, cross-national audit/inspections and the challenges posed by differences in auditing standards used in various linked (e.g., by joint ventures, etc.) nations. We include in this discussion the effects of national culture, investor legal protection, economic development and differing financial standard sources.
Book Synopsis Auditor Size and Audit Quality by : Yu Zhou
Download or read book Auditor Size and Audit Quality written by Yu Zhou and published by . This book was released on 2015 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis One Team Or Two? Investigating Relationship Quality Between Auditors and IT Specialists by : Tim Bauer
Download or read book One Team Or Two? Investigating Relationship Quality Between Auditors and IT Specialists written by Tim Bauer and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: While prior research focuses on the audit team made up of auditors, we focus on the collective audit team made up of auditors and specialists - in our context, information technology (IT) specialists. Complex systems in today's audits and researcher and regulator concerns regarding ineffective coordination and communication between the two specializations motivate better understanding of this collective audit team. We investigate how auditors and IT specialists perceive their relationship and how the audit process unfolds when these relationships are good and when they are difficult. Results of interviews conducted with Big 4 audit and IT practitioners provide evidence that they perceive their relationship quality to depend on the level of mutual value and respect. Auditors assert a one-team view of the collective audit team that includes IT specialists, but IT specialists feel auditors see them as a separate team and a “necessary evil.” The audit process vastly differs between relationships perceived as difficult and good. In difficult relationships, the two specializations often struggle for status, with limited communication or effort to understand how their work fits together. Our findings imply difficult relationships are at risk for poor integration and unsupported reliance on IT functions, shedding light on recurring threats to audit quality identified by PCAOB inspections. In good relationships, auditors and IT specialists appear motivated to engage in frequent and open communication to help understand, coordinate, and complete the audit. Inferences gleaned from good relationships let us highlight prescriptions for audit firms to improve effectiveness of collective audit teams.
Book Synopsis Audit Quality and Specialist Tenure by : Jennifer J. Gaver
Download or read book Audit Quality and Specialist Tenure written by Jennifer J. Gaver and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that the association between auditor industry specialization and audit quality depends on how long the auditor has been a specialist. We measure audit quality using absolute discretionary accruals, income-increasing discretionary accruals, and book-tax differences. Our results, based on a sample of Big 4 audit clients from 2003-2015, indicate that auditors who have only recently gained the specialist designation produce a level of audit quality that does not surpass that produced by non-specialist auditors, and is generally lower than the audit quality produced by seasoned specialists. We estimate that the seasoning process takes two to three years. In contrast to prior research that finds no effect of specialization after propensity score matching, we find that seasoned specialists generally produce higher quality audits than other auditors even after matching. This suggests that the audit quality effect associated with seasoned industry specialist auditors is not due to differences in client characteristics.
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