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Implications of the Audit Oversight Board: External Auditors’ Perspective

Journal of Management Info

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Title Implications of the Audit Oversight Board: External Auditors’ Perspective
 
Creator Mustapha, Mazlina; Department of Accounting and Finance,
Faculty of Economics and Management,
Universiti Putra Malaysia
Hwa, Foong Sook; Department of Accounting and Finance,
Faculty of Economics and Management,
Universiti Putra Malaysia
 
Subject Audit Oversight Board; External Auditor; Malaysia
 
Description The purpose of Audit Oversight Board (AOB) is to oversee the external auditors who audit the listed companies. Its establishment is expected to improve the quality of the audited financial statements and to increase the confidence of the public on the quality of the services provided by the auditors. This study explores how the establishment of audit oversight board affects the auditors in Malaysia. As the study is exploratory in nature with limited studies being carried out on AOB, face-to-face interviews were conducted with the external auditors. The findings show that the establishment of AOB affects the job of external auditors, especially on the documentation and training costs, which vary across audit firms of different sizes. There are opinions that the increased pressure on the external auditors is not solely due to the establishment of AOB, but it is also due to the revised accounting standards and other regulations. The study also finds that the external auditors’ reliance on the internal auditors is not affected by the establishment of AOB. In addition, regardless of whether the internal audit department is in-house or outsourced, it will not affect the reliance of external auditors on the internal auditors work.
 
Publisher Readers insight Publisher
 
Contributor —
 
Date 2015-09-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/text-plain:formatted
 
Identifier http://jmi.readersinsight.net/index.php/jmi/article/view/39
 
Source Journal Of Management Info; Vol 7, No 1 (2015): Volume 7, Issue 1; 1-11
2313-3376
 
Language eng
 
Relation http://jmi.readersinsight.net/index.php/jmi/article/view/39/_4
 
Rights Copyright (c) 2015 Journal Of Management Info
http://creativecommons.org/licenses/by/4.0