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The Force of Law: Australian Auditing Standards and Their Impact on the Auditing Profession
Author(s) -
Hecimovic Angela,
MartinovBennie na,
Roebuck Peter
Publication year - 2009
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2008.00038.x
Subject(s) - audit , accounting , government (linguistics) , business , compliance (psychology) , quality (philosophy) , financial statement , intervention (counseling) , public relations , political science , psychology , social psychology , linguistics , philosophy , epistemology , psychiatry
This study examines the impact of the introduction of the legally enforceable Australian Auditing Standards (ASAs) on the auditing profession after the first year of implementation. The study compliments and extends the Australian Government's April 2006 pre‐implementation Regulation Impact Statement, which identified potential costs, benefits and other impacts of the new regulatory regime. Relevant data were collected through interviews with the key stakeholders. Overall, the results suggest that the additional burden of compliance with the legally enforceable ASAs has not increased perceived audit quality or public confidence, which were the main aims of the government's regulatory intervention.