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Auditors
Kinds of Auditors Terms modified by Auditors Selected AbstractsAuditor,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] Auditor Detected Misstatements and the Effect of Information TechnologyINTERNATIONAL JOURNAL OF AUDITING, Issue 3 2004William F. Messier Jr. This paper presents information on the causes and detection of misstatements by auditors and the relationship of those misstatements with information technology (IT). The last major study of misstatements and IT used data that were gathered in 1988. In the intervening period, there have been significant changes in IT, possibly altering the error generation and detection process. Two research questions related to detected misstatements and the effect of IT are examined. The six largest public accounting firms in Norway provided data from 58 engagements. We find that (1) the major causes of misstatements were missing, poorly designed, and improperly applied controls; inadequate methods used to select, train and supervise accounting personnel; and an excessive workload for accounting personnel, (2) missing and poorly designed controls, and excessive workload for accounting personnel were more likely to be causes of misstatements in computerized business processes than those that were not computerized, and (3) the increased use of tests of details over attention directing procedures on audits appears to result from auditors deciding that it is more effective or efficient to conduct such tests than rely upon IT controls. These findings have important implications for both audit practitioners and researchers. [source] Do Spanish Firms Change Auditor to Avoid a Qualified Audit Report?INTERNATIONAL JOURNAL OF AUDITING, Issue 1 2003Nieves Gómez-Aguilar In this paper we investigate whether Spanish firms employ deliberate strategies in the choice of auditor to avoid audit qualification. For a sample of 735 during the period 1991,96 we found no increase in the probability of changing auditor following an audit qualification. We concluded that this would be too obvious and detrimental to the firm's interests. However, 135 firms do change auditor during the period examined. We found that firms that have been qualified are significantly less likely to move to higher quality auditors than are unqualified firms, when that quality is measured by the specialisation of the auditor, auditor brand name, auditor size and auditor conservatism. For the 92 qualified firms changing auditor the likelihood of a subsequent qualification is significantly related to the quality of the auditor selected. [source] The New Role of the Internal Auditor: Implications for Internal Auditor ObjectivityINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2000Richard G. Brody The role of the internal auditor continues to evolve. The recent emphasis on consulting activities has brought new questions and concerns regarding the ability of internal auditors to function in an independent and objective manner. The purpose of this research is to explore whether internal auditors view their consulting role as one in which they are to provide objective feedback to management or one in which they are to provide solutions that they believe are in the best interests of their company. Specifically, we examine whether the internal auditors' judgments are dependent on their company's role (buyer or seller) in an acquisition. Results revealed that the role of the company in the negotiation process did influence judgments. This suggests that internal auditors are likely to assume the position that is in the best interests of their employer. Implications of these results are discussed as are suggested areas for future research. [source] Auditor,Provided Consultancy Services and their Associations with Audit Fees and Audit OpinionsJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 5-6 2002Michael Firth This study examines the relationships between non,audit services fees (consultancy fees) paid to auditors and (1) audit fees, and (2) the occurrence of qualified audit opinions. The positive association between consultancy fees and audit fees is shown to be due to certain company specific events that generate a demand for consultancy services as well as requiring additional audit effort. Identified company specific events are mergers and acquisitions, new share issues, new accounting and information systems, new CEOs, and corporate restructurings. When these events are absent, there is no statistically significant relationship between audit fees and consultancy fees after controlling for company size. Companies that have relatively high consultancy fees are more likely to receive a clean audit opinion. This may be due to the non,audit work clearing up problem areas at the client company or it may be due to high consultancy fees impairing auditor independence. With the available data it is not possible to distinguish between these two reasons. [source] From Member of the Company to Registered Auditor: The Role of the External Auditor in Corporate GovernanceAUSTRALIAN ACCOUNTING REVIEW, Issue 1 2009C. Richard Baker Corporate governance has often been defined in a narrow way as comprising ,the range of control mechanisms that protect and enhance the interests of shareholders of business enterprises' (Fama and Jensen 1983). In the corporate governance literature there has also been a general focus on the structure and functioning of boards of directors and the responsibilities of audit committees in relation to external auditing (Rosenstein and Wyatt 1990;Shleifer and Vishny 1997). This article looks at the evolution of the role of external auditing in corporate governance. The role of the external auditor has changed through time, and consequently it should not be assumed that the role of external auditing is fixed or that it cannot be changed to meet societal needs and expectations. This observation leads to the primary argument of our article, which is that the role of the external auditor in corporate governance ought to be expanded in order to enhance the effectiveness of corporate governance for the benefit of a wider spectrum of stakeholders and society generally. [source] Report of the Statutory Auditors to the General Meeting of the Members of Eurographics Association GenevaCOMPUTER GRAPHICS FORUM, Issue 4 2002Article first published online: 28 FEB 200 First page of article [source] Improving Jurors' Evaluations of Auditors in Negligence Cases,CONTEMPORARY ACCOUNTING RESEARCH, Issue 3 2001Kathryn Kadous Abstract Prior research indicates that individuals acting as jurors experience outcome effects in audit negligence litigation. That is, jurors evaluate auditors more harshly in light of negative outcomes, even when audit quality is constant. I posit that outcome effects in this setting are caused by jurors using their negative affect (i.e., feelings) resulting from learning about negative audit outcomes as information relevant to auditor blameworthiness. I tested this hypothesis in an experiment in which I manipulated audit quality, outcome information, and provision of an attribution instruction. The attribution instruction was designed to discredit negative affect as a cue to auditor blameworthiness. Consistent with expectations, attribution participants' evaluations of auditors exhibited less reliance on outcome information and more reliance on audit quality information than did evaluations made by control participants. In fact, outcome effects were eliminated for attribution participants. Courts may be able to improve the quality of jurors' decisions in such cases by employing an attribution instruction. [source] Discussion of "Improving Jurors' Evaluations of Auditors in Negligence Cases"CONTEMPORARY ACCOUNTING RESEARCH, Issue 3 2001Craig Emby First page of article [source] Sampling Practices of Internal Auditors at Corporations on the Standard & Poor's Toronto Stock Exchange Composite Index,ACCOUNTING PERSPECTIVES, Issue 3 2009Michael Maingot ABSTRACT The purpose of this study is to find out how often statistical and nonstatistical audit sampling practices are used by internal auditors in companies listed on the Standard and Poor's (S&P) Toronto Stock Exchange (TSX) Composite Index and how such practices are related to the training and background of the respondents. We adapted the questionnaire used by Hall, Hunton, and Pierce (2002) in their survey of U.S. auditors in public accounting, industry, and government. Although 20 percent of companies responding do not have an internal audit department, the other 80 percent use statistical methods to plan sample sizes 15 percent (+5 percent) of the time, random sample selection methods 23 percent (+5 percent) of the time, but statistical evaluation methods only 10% (+4%) of the time. Despite the low percentage use, almost half of the respondents reported substantial training in statistical sampling and evaluation methods. Moreover, we found statistically significantly higher proportions of respondents with substantial training in audit sampling methods among companies cross-listed on U.S. exchanges compared with companies listed only on the TSX. Finally, respondents with a chartered accountant designation tend to have a negative impact on the use of statistical methods in audit sampling, and companies cross-listed on U.S. exchanges tend to have larger internal audit departments than companies listed only on the TSX. [source] Auditor Independence in Canada: A Historical Perspective , From Shareholder Auditors to Modern-Day Audit Committees,ACCOUNTING PERSPECTIVES, Issue 1 2006DUNCAN L. GREEN ABSTRACT This paper uses the theoretical framework of Goldman and Barlev (1974) to examine auditor independence in Canada. It traces the historical development of the auditor's role in the 19th century and the beginning of the auditor's relationship with shareholders and management. It shows how, following the separation of management from shareholding, management's ability to influence auditors undermined auditor independence. The paper traces attempts by legislators and regulatory bodies to limit management's influence over auditors and to correct the asymmetry of their relationship. It notes that recent changes to legislation and rules of professional conduct are no longer proactive, but are reactions to corporate scandals in Canada and the United States. The paper argues that although future changes will occur to redress the imbalance, only structural changes are likely to provide a real solution to auditor independence problems. However, it is likely that such changes will be resisted by the accounting profession. [source] When Auditors Err: How Mistake Significance and Superiors' Historical Reactions Influence Auditors' Likelihood to Admit a MistakeINTERNATIONAL JOURNAL OF AUDITING, Issue 1 2010Chad Stefaniak The procedures performed by staff auditors are a critical component of the audit process, and mistakes in these procedures could jeopardize opinions if they are not communicated. While professional standards instruct auditors to report their errors, auditors have incentives to withhold information about mistakes because they are protective of their professional images. These conflicting pressures are examined by investigating the effects of mistake significance and superiors' historical reactions to mistake admissions on the likelihood that staff auditors will admit mistakes. We find an interaction suggesting that staff auditors are more likely to admit errors when their superiors have reacted positively, regardless of error significance. Conversely, staff auditors are less likely to admit apparently insignificant errors when their superiors have reacted negatively to prior mistakes. [source] Identifying Organizational Drivers of Internal Audit EffectivenessINTERNATIONAL JOURNAL OF AUDITING, Issue 1 2009Marika Arena This study attempts to understand the organizational drivers of internal audit effectiveness in the light of recent changes in the ,mission' of internal auditing and its central role in corporate governance. On the basis of data from 153 Italian companies, our survey shows that the effectiveness of internal auditing is influenced by: (1) the characteristics of the internal audit team, (2) the audit processes and activities, and (3) the organizational links. Internal audit effectiveness increases in particular when the ratio between the number of internal auditors and employees grows, the Chief Audit Executive is affiliated to the Institute of Internal Auditors, the company adopts control risk self-assessment techniques, and the audit committee is involved in the activities of the internal auditors. [source] Propensity to Switch Auditors and Strictness of Legal Liability Environment: The Role of Audit MispricingINTERNATIONAL JOURNAL OF AUDITING, Issue 3 2007Juha-Pekka Kallunki This article investigates whether firms paying relatively high audit fees are more likely to switch auditors. Moreover, we investigate whether the legal liability environment affects the propensity to switch auditors owing to audit fee under- and/or over-pricing. Our empirical results from analysing the Compustat Global Vantage data from ten countries show that the over-pricing of auditing services increases the likelihood of auditor switches. We also find that a greater degree of under-pricing of auditing services in the initial audit engagement year is required to cause an auditor switch in countries with a stringent legal environment as opposed to countries with a lax legal environment. All the results remain unchanged after controlling for numerous firm and country differences. [source] Disciplinary Observance and Sanctions on German and Danish AuditorsINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2002Reiner Quick This paper presents the results of a comparative study on disciplinary observance systems of the auditing profession within two member states of the European Union: Germany and Denmark. Disciplinary observance is an important factor in reducing the hidden action problem, but could also be used by the profession to signal quality. In Germany, the Wirtschaftsprüferkammer is the supervisory body which oversees compliance with standards and professional duties. It is entitled to sanction the minor violations of duties by auditors. Only more severe types of misbehaviour are dealt with by courts. In Denmark, a special court (Disciplinæernævn) is concerned with disciplinary actions against auditors. The results of this study will demonstrate that audit regulations and in particular disciplinary laws remain basically national, despite efforts to harmonise auditing. This study identifies characteristics of disciplinary systems common to both countries and provides information on the functioning of both systems that may be useful in a number of ways. The results presented might initiate a more systematic comparison of disciplinary systems within member states of the European Union, which would enhance institutional knowledge of the European market for auditing services. This in turn could promote the process of achieving a single European market for auditing services and thus reduce market inefficiencies. [source] The Importance of Auditing Topics to Chinese AuditorsINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2001Ronald A. Davidson This paper describes the recent history of auditing in China and reports on a survey of Chinese auditors and accounting academics on the importance of a number of auditing topics. We find that Chinese auditors are concerned about their professional responsibilities and legal liabilities, probably resulting from the recent instances of the imposition of severe penalties for breaking the law. We also find that Chinese auditors appear to be more concerned with what we might refer to as the traditional financial audit approach, and are not yet at the stage of using a risk-based audit approach. [source] An Examination of the Effects of Accountability when Auditors are Uncertain about the Views of Superior PartnersINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2001Steven E. Kaplan This experiment focused on the effect of accountability on senior audit managers' reporting decisions related to ambiguous scenarios, where the auditors could only speculate on the views of superior auditors on specific reporting issues. It examines the potential effect of accountability on the relationship between judgments an auditor would make versus the judgments the auditor perceives superior partners would make. In particular, accountable auditors were predicted to engage in a hybrid strategy of processing information with more effort and of complying more with views they perceived to be held by the superiors. Consistent with the acceptability heuristic, the results indicate that accountability is associated with greater agreement between self-judgments and judgments the auditor perceives superiors would make. However, contrary to Tetlock's (1992) theory but consistent with some prior research (Johnson and Kaplan, 1991; Hoffman and Patton, 1997), the accountability treatment did not significantly affect the auditors' processing of information. [source] Do External Auditors Perform a Corporate Governance Role in Emerging Markets?JOURNAL OF ACCOUNTING RESEARCH, Issue 1 2005Evidence from East Asia ABSTRACT In emerging markets, the agency conflicts between controlling owners and the minority shareholders are difficult to mitigate through conventional corporate control mechanisms such as boards of directors and takeovers. We examine whether external independent auditors are employed as monitors or as bonding mechanisms, or both, to alleviate the agency problems. Using a broad sample from eight East Asian economies, we document that firms with agency problems embedded in the ownership structures are more likely to employ Big 5 auditors. This relation is evident among firms that raise equity capital frequently. Consistently, firms hiring Big 5 auditors receive smaller share price discounts associated with the agency conflicts. Also, we find that Big 5 auditors take into consideration their clients' agency problems when making audit fee and audit report decisions. Taken together, these results suggest that Big 5 auditors do have a corporate governance role in emerging markets. [source] Do Analysts and Auditors Use Information in Accruals?JOURNAL OF ACCOUNTING RESEARCH, Issue 1 2001Mark T. Bradshaw Existing research indicates that firms with high accruals are more likely to experience future earnings problems, but that investors' expectations, as reflected in stock prices, do not appear to anticipate these problems. In this paper, we directly examine the published opinions of two types of professional investor intermediaries to see if they provide investors with information concerning the future earnings problems experienced by firms with high accruals. First, we examine the earnings forecasts of sell-side analysts. We show that analysts' earnings forecasts do not incorporate the predictable future earnings declines associated with high accruals. Second, we examine the behavior of independent auditors. We find no evidence that auditors signal the future earnings problems associated with high accruals through either their audit opinions or through auditor changes. Overall, our evidence indicates that analysts and auditors do not alert investors to the future earnings problems associated with high accruals, thus corroborating previous findings that investors do not appear to anticipate these problems. [source] Eliminating recency with self-review: the case of auditors' ,going concern' judgmentsJOURNAL OF BEHAVIORAL DECISION MAKING, Issue 3 2002Robert H. Ashton Abstract This paper examines the use of self-review to debias recency. Recency is found in the ,going concern' judgments of staff auditors, but is successfully eliminated by the auditor's use of a simple self-review technique that would be extremely easy to implement in audit practice. Auditors who self-review are also less inclined to make audit report choices that are inconsistent with their going concern judgments. These results are important because the judgments of staff auditors often determine the type and extent of documentation in audit workpapers and serve as preliminary inputs for senior auditors' judgments and choices. If staff auditors' judgments are affected by recency, the impact of this bias may be impounded in the ultimate judgments and choices of senior auditors. Since biased judgments can expose auditors to significant costs involving extended audit procedures, legal liability and diminished reputation, simple debiasing techniques that reduce this exposure are valuable. The paper also explores some future research needs and other important issues concerning judgment debiasing in applied professional settings. Copyright © 2002 John Wiley & Sons, Ltd. [source] An executive's guide to SOX auditsJOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 4 2010Jack W. Paul Auditors aren't the only ones who need a sharp understanding of internal control audits. Savvy CEOs and other executives also need this knowledge,to save time, money, and even professional careers. Because, as most readers know, CEOs and CFOs must now certify the veracity of their company's financial statements,under threat of heavy criminal penalties. So, how thorough is your knowledge about internal control audits? Let the author of this article lead you step by step through the process, as he offers advice on avoiding pitfalls and points out possible warning signs. © 2010 Wiley Periodicals, Inc. [source] Auditors on the hot seatJOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 4 2006Robert W. Rouse Regulators continue to look at auditors with a suspicious eye. The authors look at current developments, including the recent AICPA SEC/PCAOB conference, a PCAOB report, and more © 2006 Wiley Periodicals, Inc. [source] The Provision of Tax Services by Incumbent Auditors and Earnings Management: Evidence from KoreaJOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 1 2009Won-Wook Choi This study examines the associations between the provision of tax services by incumbent auditors and earnings management. We investigate whether three different effects of tax service provision play different roles in accounting practices. The three effects include the audit independence effect, the knowledge spillover effect, and the tax avoidance effect. If the provision of tax services by incumbent auditors harms auditor independence, firms may exercise greater earnings management (audit independence effect). However, if incumbent auditors gain incremental knowledge by offering tax services, the quality of their audit services could be enhanced, and therefore, reported earnings could be more conservative (knowledge spillover effect). If tax service fee leads to low taxable income, it could depress book income when book-tax conformity is high (tax avoidance effect). We find that the provision of tax services generally improves earnings quality by curtailing opportunistic accounting practices. The results also suggest that the negative association between the provision of tax services and discretionary accruals seems to be primarily driven by the knowledge spillover effect as opposed to the tax avoidance effect. Additional analysis is conducted in examining whether the tax avoidance effect exists in a sub-sample. [source] Speaking Softly Without Big Sticks: Meta-Regulation and Public Sector AuditLAW & POLICY, Issue 3 2003Colin Scott Australian government has undergone an "audit explosion" in the last twenty years. This article observes, first, that the constitutional function of public sector audit institutions (AIs) gives them a strong cultural commitment to the assessment of the regularity and legality of public expenditure. New functions connected with performance audit and evaluation of nonfinancial performance indicators are liable to be interpreted through the lens of these more traditional concerns. The second observation is that, if we think in terms of "regimes" of financial control, we find that AIs form only part of the overall regulatory regime. This calls into question the coherence and potential for effectiveness of regimes of financial control. However, AIs could also be conceived as "meta-regulators" with the capacity to steer the self-regulatory capacities of public sector organizations in respect of financial controls. Auditors may be effective as meta-regulators through speaking softly, even though they demonstrably lack big sticks. [source] Anomalies in the Oversight of Australian AuditorsAUSTRALIAN ACCOUNTING REVIEW, Issue 2 2010Graeme L. Wines This commentary identifies and comments on anomalies in the oversight of Australian auditors and audit firms. Regulatory and professional oversight and inspection of Australian auditors and audit firms arise from a number of sources, highlighting its multi-faceted nature. This makes it impossible to identify a single body with ultimate responsibility for auditor oversight. Three recent Australian reviews commissioned by the Financial Reporting Council, together with an evaluation of the roles of the various regulatory and professional bodies, are used in this commentary as a platform from which to identify a number of significant anomalies in oversight processes. Major anomalies highlighted arise from the overlapping nature of the duties and functions of the various bodies and the variation in oversight across different categories of audit service providers. Policymakers should closely examine the issues raised in the paper if auditor oversight is to be undertaken in an effective and efficient manner. [source] The Ramsay Report and the Regulation of Auditor Independence in AustraliaAUSTRALIAN ACCOUNTING REVIEW, Issue 27 2002Colleen Hayes This paper provides an overview of key recommendations contained in the Ramsay Report (2001), "Independence of Australian Company Auditors", vis-à-vis current Australian requirements and the overseas developments on which they are based. Specific reference is made to the United States Securities and Exchange Commission "Rules on Audit Independence", released in November 2000, and the proposals contained in the International Federation of Accountants Ethics Committee's re-exposure draft, "Independence,Proposed Changes to the Code of Ethics for Professional Accountants", released in April 2001. [source] A Review of the Proposals for Reform of Independence of Australian Company AuditorsAUSTRALIAN ACCOUNTING REVIEW, Issue 27 2002Jane Culvenor The Ramsay Report on the Independence of Australian Company Auditors, released in October 2001, contains a review of the current Australian requirements and proposals for reform of the rules and regulations governing auditor independence. In this paper we provide a critical examination of these proposals, in conjunction with any underlying rationale offered in the report. Assuming the onus of proof rests with the proponents of change, we argue that the justification for regulatory change is not well made. We pose a series of questions about the proposals and their potential economic consequences. Many of these questions are empirical and provide opportunities for further research. [source] Auditors' Perceived Business Risk and Audit Fees: Analysis and EvidenceJOURNAL OF ACCOUNTING RESEARCH, Issue 1 2001Timothy B. Bell This study analyzes the relation between auditors' perceived business risk and audit fees to determine whether audit firms or their clients bear the expected legal costs of business risk. We predict that hourly audit fees and the number of audit hours are increasing in business risk. Using confidential survey data collected by a large international accounting firm for 422 audits, we find that high business risk increases the number of audit hours, but not the fee per hour. This implies that firms perceive firm-level differences in business risk and obtain compensation through billing additional hours, not by raising the hourly charge. [source] Who Cares about Auditor Reputation?,CONTEMPORARY ACCOUNTING RESEARCH, Issue 3 2005JAN BARTON Abstract I provide evidence on the demand for auditor reputation by examining the defections of Arthur Andersen LLP's clients following the accounting scandals and criminal conviction marring the auditor's reputation in 2002. About 95 percent of clients in my sample did not switch auditors until after Andersen was indicted for criminal misconduct regarding its failed audit of Enron Corp. I test whether the timing of client defections and the choice of a new auditor are consistent with managers' incentives to mitigate potentially costly information and agency problems. I find that clients defected sooner, mostly to another Big 5 auditor, if they were more visible in the capital markets; such clients attracted more analysts and press coverage, had larger institutional ownership and share turnover, and raised more cash in recent security issues. However, my proxies for agency conflicts , managerial ownership and financial leverage , are not associated with the timing of defections or the choice of new auditor. Overall, my study suggests that firms more visible in the capital markets tend to be more concerned about engaging highly reputable auditors, consistent with such firms trying to build and preserve their own reputations for credible financial reporting. [source] An Experimental Investigation of Approaches to Audit Decision Making: An Evaluation Using Systems-Mediated Mental Models,CONTEMPORARY ACCOUNTING RESEARCH, Issue 2 2005AMY K. CHOY Abstract The objective of this research is to articulate a decision-making foundation for the systems audit approach. Under this audit approach, the auditor first gains an understanding of the auditee's economic environment, strategy, and business processes and then forms expectations about its performance and financial reporting. Proponents of this audit approach argue that decision making is enhanced because the knowledge of the system allows the auditor to focus on the most important risks. However, there has not been an explicit framework to explain how systems knowledge can enhance decision making. To provide such a framework, we combine mental model theory with general systems theory to produce a hypothesis we refer to as a systems-mediated mental model hypothesis. We test this hypothesis using experimental economics methods. We find that (1) subjects make systematic errors under the setting without an organizing framework provided by the systems information, and (2) the presence of an organizing framework results in lower reporting errors. Importantly, the organizing framework significantly enhances decision making in the settings where the environment changed. Establishing a decision-making foundation for systems audits can provide an important building block that, in part, can contribute to the development of a more effective and efficient audit technology - an important objective now when audits are facing a credibility crisis. 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