This authoritative new collection contains reprints of seminal articles on the subject of auditing and its relationship to the way in which outside stakeholders monitor the activities of corporate management. Whilst the primary audience is students in upper-level undergraduate and graduate accounting courses, the book should also be of use to existing researchers, as it collects together the 'must read' articles on the subject in a readily accessible form. The articles have been selected to cover four broad topic areas: (i) the role of auditing in the governance process, (ii) audit quality and auditor reputation, (iii) governance and audit committees and (iv) the relationship between internal and external auditors. The readings show that much work has been done and that there now exists a substantial body of knowledge of how auditing can contribute to corporate governance. The volume makes an important contribution to an issue that will continue to raise challenges in the years ahead. 25 articles, dating from 1971 to 2003
This authoritative new collection contains reprints of seminal articles on the subject of auditing and its relationship to the way in which outside stakeholders monitor the activities of corporate management. Whilst the primary audience is students in upper-level undergraduate and graduate accounting courses, the book should also be of use to existing researchers, as it collects together the 'must read' articles on the subject in a readily accessible form. The articles have been selected to cover four broad topic areas: (i) the role of auditing in the governance process, (ii) audit quality and auditor reputation, (iii) governance and audit committees and (iv) the relationship between internal and external auditors. The readings show that much work has been done and that there now exists a substantial body of knowledge of how auditing can contribute to corporate governance. The volume makes an important contribution to an issue that will continue to raise challenges in the years ahead. 25 articles, dating from 1971 to 2003
Contents:
Acknowledgements
Introduction Peter Moizer
PART I ROLE OF AUDITING IN THE GOVERNANCE PROCESS
1. David Flint (1971), ‘The Role of the Auditor in Modern Society:
An Exploratory Essay’
2. Chee W. Chow (1982), ‘The Demand for External Auditing: Size,
Debt and Ownership Influences’
3. Don Anderson, Jere R. Francis and Donald J. Stokes (1993),
‘Auditing, Directorships and the Demand for Monitoring’
4. Brian T. Pentland (1993), ‘Getting Comfortable with the Numbers:
Auditing and the Micro-Production of Macro-Order’
5. Michael Power (1996), ‘Making Things Auditable’
6. Christopher G. Humphrey, Peter Moizer and Stuart Turley (1992),
‘The Audit Expectations Gap – Plus ca Change, Plus c’est la Meme
Chose?’
PART II AUDIT QUALITY AND AUDITOR REPUTATION
7. Linda Elizabeth DeAngelo (1981), ‘Auditor Independence, “Low
Balling”, and Disclosure Regulation’
8. Linda Elizabeth DeAngelo (1981), ‘Auditor Size and Audit
Quality’
9. Randolph P. Beatty (1989), ‘Auditor Reputation and the Pricing
of Initial Public Offerings’
10. Allen T. Craswell, Jere R. Francis and Stephen L. Taylor
(1995), ‘Auditor Brand Name Reputations and Industry
Specializations’
11. Zoe-Vonna Palmrose (1988), ‘An Analysis of Auditor Litigation
and Audit Service Quality’
12. Clive S. Lennox (1999), ‘Audit Quality and Auditor Size: An
Evaluation of Reputation and Deep Pockets Hypotheses’
13. Jere R. Francis and Earl R. Wilson (1988), ‘Auditor Changes: A
Joint Test of Theories Relating to Agency Costs and Auditor
Differentiation’
14. W. Bruce Johnson and Thomas Lys (1990), ‘The Market for Audit
Services: Evidence from Voluntary Audit or Changes’
15. Zoe-Vonna Palmrose (1989), ‘The Relation of Audit Contract Type
to Audit Fees and Hours’
16. Terrence B. O’Keefe, Dan A. Simunic and Michael T. Stein
(1994), ‘The Production of Audit Services: Evidence from a Major
Public Accounting Firm’
17. Joseph V. Carcello, Roger H. Hermanson and Neal T. McGrath
(1992), ‘Audit Quality Attributes: The Perceptions of Audit
Partners, Preparers, and Financial Statement Users’
PART III GOVERNANCE AND THE AUDIT COMMITTEE
18. Michael E. Bradbury (1990), ‘The Incentives for Voluntary Audit
Committee Formation’
19. Krishnagopal Menon and Joanne Deahl Williams (1994), ‘The Use
of Audit Committees for Monitoring’
20. Lawrence P. Kalbers and Timothy J. Fogarty (1998),
‘Organizational and Economic Explanations of Audit Committee
Oversight’
21. April Klein (2002), ‘Economic Determinants of Audit Committee
Independence’
22. Joseph V. Carcello and Terry L. Neal (2003), ‘Audit Committee
Characteristics and Auditor Dismissals Following “New”
Going-Concern Reports’
PART IV THE RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDITORS
23. James C. Lampe and Steve G. Sutton (1994), ‘Evaluating the Work
of Internal Audit: A Comparison of Standards and Empirical
Evidence’
24. William L. Felix, Jr., Audrey A. Gramling and Mario J. Maletta
(2001), ‘The Contribution of Internal Audit as a Determinant of
External Audit Fees and Factors Influencing This Contribution’
25. Larry Rittenberg and Mark A. Covaleski (2001), ‘Internalization
Versus Externalization of the Internal Audit Function: An
Examination of Professional and Organizational Imperatives’
Name Index
Edited by Peter Moizer, Professor of Accounting, Leeds University Business School, UK
'It can be seen from the foregoing that this book constitutes a
wide-ranging selection of good quality and interesting papers on a
topic area of ongoing concern. . . Peter Moizer's introduction is
succinct, cogent and provides a compelling structure within which
to consider the papers. A further particularly nice feature of the
selection is, that by often including two papers in a specific
area, the manner in which extensions of ideas and refinements in
method are highlighted, and thus the reader is given a flavour of
how papers in a given area have developed: one gains a sense of
living literatures. . . readers are unlikely to be disappointed. .
. this volume constitutes a nicely judged and good selection of
papers in the area of governance and auditing that is a useful
addition to the shelves of anyone with an interest in this
area.'
*Pelham Gore, European Accounting Review*
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