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External Audit (external + audit)
Selected AbstractsEffect of regulatory oversight on the association between internal governance characteristics and audit feesACCOUNTING & FINANCE, Issue 1 2008El'fred Boo G34; M42; N40 Abstract We examine the relationship between internal governance, external audit monitoring and regulatory oversight for a sample comprising industrial companies and financial/utility companies subject to additional industry-specific regulation. Our results indicate that the association between audit fees and board/audit committee independence and size are weaker for regulated companies. These observations are consistent with the notion that regulatory oversight partially substitutes the external audit as a monitoring mechanism. However, boards/audit committees with more multiple directorships demand a more extensive audit in the presence of regulatory oversight to protect their reputation capital. Our study enhances our understanding of the complex relationships among the major corporate governance elements. [source] Auditor,client Interaction and Client Usefulness , A Swedish Case StudyINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2006Niclas Hellman This paper investigates the usefulness of the external audit to a listed client company. The research questions focus on what the auditors discovered, the subsequent auditor,client interaction, and the ways in which this was useful to the client company. The study proceeds from the management letters produced by the auditors in the period 1999,2001. On the basis of these reports, interviews were conducted with financial managers at different organisational levels. The data collection and analysis of the data follows a grounded theory approach. The results suggest that the usefulness of the audit to the client company was primarily linked to the way the management letters, and the auditor,client interaction related to the management letters, supported the client's management control system. Improved management control was achieved as a result of co-operation between the audit firm and the client company's central accounting and finance department, that put pressure on the subordinate units. The reported benefits for the client company must be weighed against potential threats to auditor independence, and the paper also includes empirical results that indicate risks of auditor dependency on the client's accounting and finance department. [source] The Relationship between Categories of Non-Audit Services and Audit Fees: Evidence from UK CompaniesINTERNATIONAL JOURNAL OF AUDITING, Issue 1 2002M. Ezzamel Using survey data we examine the relationship between various categories of non-audit services and audit fees. Compared to previous research, we use a more refined classification of non-audit services both for incumbent and non-incumbent auditors, and control for the existence of an internal audit function and basis of disclosure. Our results suggest that the relationship between levels of audit fees and non-audit services varies by category of non-audit service. These results support explanations of the positive association between fees paid for non-audit services and audit fees in terms either of client specific differences, e.g. organisational complexity, or of events giving rise to the purchase of more audit and non-audit services rather than in terms of direct economic linkages between the cost functions for audit and non-audit services. We speculate that the presence of another auditing firm at the client in a consulting capacity may exert competitive pressure on the fee for external audit. [source] Some Things in Moderation: A Case Study of Internal AuditINTERNATIONAL JOURNAL OF AUDITING, Issue 1 2000A.J. Berry Abstract The development of a system of moderation of assessment procedures in a new University is examined in this case study. Internal and external moderation are equated with internal and external audit and the relationship between the audit of content and the audit of procedures (Power, 1994) is examined in the light of differing modes of accountability (Sinclair, 1995). [source] Tuberculids as sentinel lesions of tuberculous epididymo-orchitisJOURNAL OF CUTANEOUS PATHOLOGY, Issue 11 2007Pratistadevi K. Ramdial Background:, Tuberculids are rarely associated with male genital tract tuberculosis (TB). Tuberculous epididymo-orchitis (TBEO) has been associated rarely with papulonecrotic tuberculid (PNT) but not with erythema induratum (EI) or the simultaneous occurrence of different tuberculids. Methods:, A retrospective assessment of tuberculids that occurred with underlying TBEO was carried out. Results:, Five patients, four with one and one with two skin biopsies, with clinical diagnoses of PNT (two), EI (one), impetigo (two) and calf ulcer (one), formed the study cohort. Histopathological evaluation confirmed PNT and EI in four and two skin biopsies, respectively. Two patients who returned for follow-up were commenced on anti-tuberculous therapy. All patients sought medical attention 3,34 months later for tender right-sided (two) and left-sided (three) testicular masses. Orchidectomy was undertaken following a poor clinical response to empirical treatment with trimethoprim sulfamethoxazole. Pathological examination of the testis and epididymis confirmed TBEO. The patients were initiated on anti-tuberculous therapy. There was dramatic healing of the skin lesions. Conclusion:, Tuberculids are a sentinel cutaneous manifestation of visceral TB and a valuable external audit of treatment compliance and response. Heightened recognition of and more rigorous genitourinary tract investigation are necessary to identify occult or asymptomatic TBEO as the underlying cause of tuberculids. [source] Tax Motivated Income Shifting and Korean Business Groups (Chaebol)JOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 5-6 2009Kooyul Jung Abstract:, This paper examines tax-induced income shifting behavior among affiliated firms in Korean business groups (chaebols). Korean corporate income tax law does not require consolidated tax returns, and business groups with a large number of affiliated member firms have incentives to shift income across member firms to reduce the overall taxes of the group. For a large number of Korean companies that are subject to external audits, we perform univariate and multivariate regression analyses on the income shifting behavior of chaebol firms compared with non-chaebol control firms. Our evidence suggests that tax-motivated income shifting activities exist among chaebol firms, and that the extent of income shifting is found to depend on its effect on non-tax cost factors such as the earnings, leverage, and cash flow rights of the controlling shareholders. We also find that income shifting is more pronounced in chaebol firms where the control-cash flow divergence is relatively large, suggesting that income shifting is affected by the controlling shareholders' opportunism. Our study provides some insights on the intra-group income shifting activities where research is limited. [source] | ||||||||||