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, doi: 10.1111/j.1835-2561.2002.tb00200.x.

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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
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
DOI 10.1111/j.1835-2561.2002.tb00200.x
Field of Research 150102 Auditing and Accountability
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2009, CPA Australia
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Document type: Journal Article
Collections: Faculty of Business and Law
Deakin Business School
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