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International Journal of Government Auditing
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The recent financial scandals (Enron in the USA, Batam in Tunisia) showed the inability of classic approaches and their measure indicators to estimate the relevance of audit works. We consider that the audit quality control must reside at the level of audit process. This position is adopted by the financial security law in Tunisia which encourages the evaluation of the audit quality, by the audit committee. The objective of this paper is the construction of measurement scales of the audit process quality for audit committees or for other governance organ concerned with the audit quality. The conception and the validation of this measurement scales were done on the Tunisian ground by adopting Churchill approach. Articulating qualitative phases and quantitative phases based on two researc...
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Stefaniak and Robertson investigate whether two interactive factors (the significance of the audit mistake and the anticipated professional repercussions of mistake admission) influence the likelihood of disclosing an audit error. Lin and Hwang test the effects of two levels of audit committee independence (complete and proportional independence), and find both to have a significant effect in reducing earnings management. Cahill remarks that the activities of internal audit and the audit committee of non-executive directors are critical elements in the assurance process. Hüpkes contends that external auditors will commit a capital offence if they fail to collect and analyse critical financial and behavioural data.
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An effective internal audit department adds value to its organization in numerous ways. It helps the organization to achieve its objectives, improves risk management, strengthens internal controls, and enhances overall corporate governance. This case describes the steps that The Schwan Food Company took to establish its internal audit department, including finding a highly qualified chief audit executive, defining the internal audit department's mission, developing the audit charter, staffing the department, creating an overall audit strategy, and assessing the department's effectiveness. The exhibits provided in this case are used with permission straight from the company's files, and all the information in this case is factual. The case is appropriate for an auditing class or an inter...
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With that background in mind, I go back to the question: What value does the external audit bring? Most surveys and studies I've seen say that the most important reason for an external audit is that it adds credibility to financial statements.
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We examined 36,367 school district audit results from the Federal Audit Clearinghouse data base for the five-year period from 1998 to 2002. We found that school districts have a high level of internal control and grant compliance findings. School districts are slow in filing their financial reports and delayed financial reports are positively associated with larger district size, government auditors, sole practitioner auditors, and problems with internal controls and qualified reports. We found a negative association between audit delay and a low-risk classification. Continuing material weaknesses in financial reporting and grant compliance could result in funding losses for those districts not meeting proper financial reporting standards. Timelier reporting would identify problem areas...
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The CFO, controller, chief accounting officer and external audit partner will all play roles in helping you get a deeper appreciation of the financial reports your committee is responsible for overseeing. The better the audit committee understands the performance metrics the compensation committee tags to incentive pay, the better the audit committee can monitor the integrity of those metrics- in particular, by focusing on whether the ability to achieve performance targets significantly affects management's financial reporting judgments.
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The Sarbanes Oxley Act (SOX) has increased the focus on internal audit departments as a key partner in assisting management and the board of directors (especially audit committees) in fulfilling their corporate governance activities. Using a questionnaire, we conducted a study of chief audit executives (CAE) within the insurance industry to obtain their perspectives on the impact and effect of SOX on their departments and profession. We received feedback from 35 (35.4%) CAEs representing organizations and audit departments of various sizes. The results showed that most internal audit departments were impacted by SOX in that they allocated significant resources to assist management in the initial Section 404 compliance efforts. The CAEs expected to expend similar efforts on future compli...
