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Evaluating Audit Quality Using the Results of Inspection Processes Performed by an Independent Regulator
Australian Accounting Review ( IF 2.680 ) Pub Date : 2020-11-25 , DOI: 10.1111/auar.12328
Justin Logie , Warren Maroun 1
Affiliation  

This research adds to the audit quality literature by examining inspection findings generated by an independent regulator in an African setting. The study is concerned with the nature of weaknesses identified at both firm and engagement level, categorising inspection findings according to their possible impact on audit quality and identifying those aspects of audit practice which result in inspection findings. An exploratory research design is used. Inspection findings are reviewed and categorised with results presented graphically. Several audit quality weaknesses at the firm and engagement level are revealed. The number of audit practice deficiencies move in tandem with incidences of poor documentation standards. In addition, the frequency and impact of inspection findings are affected by: (1) the subjectivity of processes used to test balances and transactions; (2) the extent to which applicable standards are principles-based rather than procedural; and (3) the need to develop tailored test procedures to address relevant risks. At the practical level, the findings are important for engagement leaders, regulators, audit committees and investors interested in understanding better those aspects of audit practice which are likely to result in lower-quality audits and less reliable audit reports. At the empirical level, the study provides an original review of audit quality inspection findings from a novel setting. An exploratory design complements the largely positivist-inspired research on audit quality and examines a practice-focused perspective on audit quality which moves away from inferential testing of quality surrogates.

中文翻译:

使用独立监管机构执行的检查过程的结果评估审计质量

这项研究通过检查非洲环境中独立监管机构产生的检查结果,增加了审计质量文献。该研究关注在公司和业务层面发现的弱点的性质,根据检查结果对审计质量的可能影响进行分类,并确定导致检查结果的审计实践的那些方面。使用了探索性研究设计。检查结果被审查和分类,结果以图形方式呈现。揭示了事务所和业务层面的若干审计质量弱点。审计实践缺陷的数量与不良文件标准的发生率同步变化。此外,检查结果的频率和影响受以下因素影响:(1) 用于测试余额和交易的过程的主观性;(2) 适用标准是基于原则而非程序的程度;(3) 需要制定量身定制的测试程序以应对相关风险。在实践层面,这些发现对于有兴趣更好地理解审计实践中可能导致审计质量较低和审计报告可靠性较低的方面的项目负责人、监管机构、审计委员会和投资者很重要。在实证层面,该研究提供了对新环境中审计质量检查结果的原始审查。探索性设计补充了主要受实证主义启发的审计质量研究,并检查了以实践为中心的审计质量视角,该视角远离对质量替代品的推理测试。
更新日期:2020-11-25
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