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Audit

Expectation Gap - Sikka, 2009

QuestionAnswer
aim of study to stimulate debates about auditing practices in the wake of the financial crisis
auditors collect large amounts in audit and non-audit fees
questions regarding the value of - company audits - auditor independence - quality - economic incentives for good audit - knowledge base of auditor
audits are a reassurance to all who have a financial interest in the companies
auditors have cemented their privilege on the basis that their expertise enables them to mediate uncertainty and construct independent, objective, true and fair accounts of corporate affairs
claims of expertise get punctured when there are corporate collapses, frauds, and failures
markets have not been assured by unqualified audit opinion
need reflection on the role, value and independence of auditors
audit firms are capitalist enterprises and are dependent upon companies and their directors for income
fee dependency impairs claims of independence and has capacity to silence auditors
auditing firms used the crisis to demand further liability concessions and increase profits
Created by: amyperston
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