An Australian response to recent developments in the market for audit services

Houghton, Keith A. and Jubb, Christine 2002, An Australian response to recent developments in the market for audit services, Australian accounting review, vol. 12, no. 28, pp. 24-30.

Attached Files
Name Description MIMEType Size Downloads

Title An Australian response to recent developments in the market for audit services
Author(s) Houghton, Keith A.
Jubb, Christine
Journal name Australian accounting review
Volume number 12
Issue number 28
Start page 24
End page 30
Publisher Blackwell Publishing
Place of publication Melbourne, Vic.
Publication date 2002-11
ISSN 1035-6908
1835-2561
Keyword(s) auditors
accountant independence
accounting firms
audit risk
risk exposure
decision making
quality control
audit committees
Summary Where the quality - both competence and independence - of an audit is tested, often in the circumstance of a corporate failure, auditors frequently have good defenses as to their competency but rarely do they have equally convincing defenses for the objectivity of their decision-making or the independence of their audit. It is recommended that large audit firms establish an independence board with the authority to define, review and decide upon all threats and potential threats to independence. It would also have responsibility for quality-control and educational programs in respect of audit firm's independence decision-making. Firms would make transparent the processes of the boards, their membership and quality-control procedures. Firms would compete on their independence control processes and not just competence and price. Additionally, firms need to encourage a culture that rewards personnel for seeking counsel on issues pertinent to independence.
Language eng
Field of Research 150102 Auditing and Accountability
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2009, CPA Australia
Persistent URL http://hdl.handle.net/10536/DRO/DU:30006615

Document type: Journal Article
Collection: Deakin Graduate School of Business
Connect to link resolver
 
Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved.

Versions
Version Filter Type
Access Statistics: 396 Abstract Views, 0 File Downloads  -  Detailed Statistics
Created: Thu, 31 Jul 2008, 10:43:30 EST

Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.