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    Reinforcing users’ confidence in statutory audit during a post-crisis period: An empirical study.

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    Authors
    Aziz, U.A.
    Omoteso, Kamil cc
    Affiliation
    De Montfort University
    Coventry University
    Issue Date
    2014-11-04
    
    Metadata
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    Abstract
    Purpose – The purpose of this paper is to examine the factors that are perceived as important for the statutory audit function to restore confidence in the financial statements, its value relevance and decision usefulness in the aftermath of the financial crisis. Design/methodology/approach – This research used a structured questionnaire to collect data from practising accountants, auditors and accounting academics within the UK. A factor analysis was undertaken to examine the potential inter-correlations that could exist between different factors obtained from the literature. The analysis reduced these variables into the more important factors which were subsequently modelled in a logistic regression analysis. Findings – The paper identified, as critical factors for enhancing statutory audits, “a continuously updated accounting curriculum”, “expansion of the auditor's role”, “frequent meetings between regulators and auditors”, “mandatory rotation of auditors”, “limiting the provision of non-audit services”, “knowledge requirements from disciplines other than accounting” and “encouraging joint audits”. It is hoped that addressing these issues might improve confidence in the audit profession, thereby reinforcing its value relevance. Research limitations/implications – The study's findings imply that professional accountancy bodies, accounting educators and accounting firms will need to incorporate the key factors identified in this study into their curriculum and training schemes. However, the generalisability of these findings might be limited as the research data were primarily obtained from UK accountants alone. Originality/value – This study extends the frontiers of knowledge on critical factors that could reinforce users’ confidence in the statutory audit function and have implications for policy and practice.
    Citation
    Aziz, U.F., and Omoteso, K. (2014) 'Reinforcing users’ confidence in statutory audit during a post-crisis period: An empirical study', Journal of Applied Accounting Research, 15(3), pp.308-322.
    Publisher
    Emerald Group Publishing Limited
    Journal
    Journal of Applied Accounting Research
    URI
    http://hdl.handle.net/10545/623286
    DOI
    10.1108/JAAR-11-2013-0108
    Additional Links
    https://www.emeraldinsight.com/doi/abs/10.1108/JAAR-11-2013-0108
    Type
    Article
    Language
    en
    ISSN
    0967-5426
    ae974a485f413a2113503eed53cd6c53
    10.1108/JAAR-11-2013-0108
    Scopus Count
    Collections
    Derby Business School

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