Anomalies in the oversight of Australian auditors

Wines, Graeme L. and Houghton, Keith A. 2010, Anomalies in the oversight of Australian auditors, Australian accounting review, vol. 20, no. 2, pp. 83-95, doi: 10.1111/j.1835-2561.2010.00082.x.

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Title Anomalies in the oversight of Australian auditors
Author(s) Wines, Graeme L.
Houghton, Keith A.
Journal name Australian accounting review
Volume number 20
Issue number 2
Start page 83
End page 95
Total pages 13
Publisher Wiley-Blackwell Publishing Asia
Place of publication Richmond, Vic.
Publication date 2010-06-10
ISSN 1035-6908
Summary 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.
Language eng
DOI 10.1111/j.1835-2561.2010.00082.x
Field of Research 150102 Auditing and Accountability
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2010
Copyright notice ©2010, CPA Australia
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Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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