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Author: Boon Seng Tan
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
The purpose of audit market reforms since 2001 is to restore public confidence in the institution of auditing based on two considerations: (1) ensuring audit quality, and (2) controlling the “adverse effect of competition” in audit supply. Market reforms for audit quality are delivered through a package of prescribed actions motivated by an analytical relationship between audit quality and its possible determinants: (1) limiting audit tenure through a combination of mandatory firm rotation, partner rotation and re-tendering; (2) limiting provision of non-audit services (NAS) by incumbent auditor; and (3) joint auditing and empowering the audit committee to enhance audit quality. This paper examines the competing independence hypothesis and expertise hypothesis that produce ambiguous theoretical relationships for audit quality-audit tenure, and independence-provision of NAS. We then review whether empirical literature resolves these conundrums. We also review the usefulness of joint auditing and empowering the audit committee to improve audit quality in the context of audit market reform.
Author: Boon Seng Tan
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
The purpose of audit market reforms since 2001 is to restore public confidence in the institution of auditing based on two considerations: (1) ensuring audit quality, and (2) controlling the “adverse effect of competition” in audit supply. Market reforms for audit quality are delivered through a package of prescribed actions motivated by an analytical relationship between audit quality and its possible determinants: (1) limiting audit tenure through a combination of mandatory firm rotation, partner rotation and re-tendering; (2) limiting provision of non-audit services (NAS) by incumbent auditor; and (3) joint auditing and empowering the audit committee to enhance audit quality. This paper examines the competing independence hypothesis and expertise hypothesis that produce ambiguous theoretical relationships for audit quality-audit tenure, and independence-provision of NAS. We then review whether empirical literature resolves these conundrums. We also review the usefulness of joint auditing and empowering the audit committee to improve audit quality in the context of audit market reform.
Author: Benito Arrunada
Publisher: Springer Science & Business Media
ISBN: 1475767285
Category : Business & Economics
Languages : en
Pages : 203
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Book Description
This book focuses on market mechanisms which protect quality in the provision of audit services. The role of public regulation is thus situated in the context defmed by the presence of these safeguard mechanisms. The book aims to contribute to a better understanding of these market mechanisms, which helps in defining the con tent of rules and the function of regulatory bodies in facilitating and strengthening the protective operation of the market. An analysis at a more general level is provided in the three chapters making up Part 1. In the four chapters of Part 2, on the other hand, this analysis is applied to a particular problem to determine how those non-audit services often provided by auditors to their audit clients should be regulated. Finally, Chapter 8 contains a summary of the analysis and conclusions of the work. The conclusion with regard to non-audit services is that their provision generates beneficial effects in terms of costs, technical competence, professional judgment and competition and, moreover, need not prejudice auditor independence or the quality of these services. This as sessment leads, in the normative sphere, to recommending a legislative policy aimed at facilitating the development and use of safeguards provided by the free action of market forces. Regulation should thus aim to enable the parties-audit firms, self-regulatory bodies and audit clients-to discover through competitive market interaction both the most efficient mix of services and the corresponding quality safeguards, adjusting for the costs and benefits of each possibility.
Author: Robert W. McGee
Publisher: Springer
ISBN: 9781441938220
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Much has been written about the economic and political problems of countries that are in the process of changing from centrally planned systems to market systems. Most studies have focused on the economic, legal, political and sociological problems these economies have had to face during the transition period. However, not much has been written about the dramatic changes that have to be made to the accounting and financial system of a transition economy. This book was written to help fill that gap. This book is the second in a series to examine accounting and financial system reform in transition economies. The first book used Russia as a case study. The present volume in the series examines some additional aspects of the reform in Russia and also looks at the accounting and financial system reform efforts that are being made in Ukraine, Bosnia & Herzegovina, Armenia and five Central Asian republics.
Author: Boon Seng Tan
Publisher:
ISBN:
Category :
Languages : en
Pages : 6
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Book Description
We argue that the value of audit consists of three components whose relative importance shifted over time due to the changing economics of business. The three components are: (1) detecting fraud, (2) as an element of corporate governance, and (3) facilitating the smooth functioning of capital market. Fraud detection is important in the early history of audit, but the rise of risk-based auditing and increased complexity of business diminish that role. The development of capital markets increases the importance of audit's role in enhancing corporate governance and its contribution to the efficiency of capital market. However, historical legacy give rise to expectation gap - between the public and the professional - of the value of audit. Professional accounting body and audit firms should educate the public of the value of audit. This paper contributes to this education.
Author: Amir Sasson
Publisher:
ISBN: 9788215031408
Category :
Languages : en
Pages : 274
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Book Description
Author: United States Government Accountability Office
Publisher: Lulu.com
ISBN: 0359536395
Category : Reference
Languages : en
Pages : 234
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Book Description
Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
Author: Mr.Atilla Arda
Publisher: International Monetary Fund
ISBN: 1484375505
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.
Author: Madina Serikova
Publisher: Springer Nature
ISBN: 9811987610
Category : Business & Economics
Languages : en
Pages : 153
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Book Description
This book examines the theoretical, methodological and practical aspects of the transformation of tax audit in the context of innovative development of the economy of the Republic of Kazakhstan. Throughout the chapters, the authors examine the basics of state tax audit, its institutional aspects, as well as global trends in the transformation of tax audit models in countries in transition to a modern innovative economy. Particular attention is paid to the systematic analysis of the effectiveness of tax audit and the identification of prospects for the development of state audit in the context of integration processes. A conceptual approach to the system of state tax audit based on innovative analysis tools is considered. The book is valuable read for researchers and practitioners in the field of public audit, students and teachers of economic universities.
Author: Paul M. Clikeman
Publisher: Routledge
ISBN: 1136224890
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
Selected as an Outstanding Academic Title by Choice Magazine in 2014! Called to Account takes a broad perspective on how financial frauds have shaped the public accounting profession by focusing on cases of fraud around the globe. Ever entertaining and educational, the book traces the development of the accounting standards and legislation put in place as a direct consequence of these epic scandals. The new edition offers updated chapters on ZZZZ Best and Arthur Andersen, plus new chapters devoted to Parmalat, Satyam, and The Great Recession. Through stories like Barry Minkow’s staged constructions sites and MiniScribe’s fake inventory number generating computer program, "Cook Book", students will learn that fraud is nothing new, and that financial reform is heavily influenced by politics. With discussion questions and a useful chart showing instructors and students how each chapter illustrates the topics covered in other textbooks, Called to Account is the ideal companion for any class in auditing, advanced accounting or forensic accounting.
Author: Ioannis Nicolaos Kessides
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 328
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Book Description
Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
