Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Audit regulation
T2 - a partial solution expanded
AU - Beattie, Vivien
AU - Brandt, Richard
AU - Fearnley, Stella
PY - 1999
Y1 - 1999
N2 - The Department of Trade and Industry (DTI) issued a consultation document in November 1998, which set out a framework for the independent regulation of the accountancy profession. This framework broadly adopts the proposals put forward by the profession itself. In this paper, the focus is on audit regulation. The current regime is outlined and its structural weaknesses and procedural problems identified. The proposed reforms are described and critically evaluated. It is argued that the proposed reforms offer only a partial solution to regulatory concerns, since no changes are proposed to the existing regime either for registration, or for monitoring and discipline of the majority of audit cases. An expanded framework that rationalises current practices and provides a more comprehensive solution is suggested. A critical feature of the proposal is that a distinction is made between audits of small entities and audits of major listed companies, only the latter of which are of public interest. Each would have distinct licensing and monitoring procedures.
AB - The Department of Trade and Industry (DTI) issued a consultation document in November 1998, which set out a framework for the independent regulation of the accountancy profession. This framework broadly adopts the proposals put forward by the profession itself. In this paper, the focus is on audit regulation. The current regime is outlined and its structural weaknesses and procedural problems identified. The proposed reforms are described and critically evaluated. It is argued that the proposed reforms offer only a partial solution to regulatory concerns, since no changes are proposed to the existing regime either for registration, or for monitoring and discipline of the majority of audit cases. An expanded framework that rationalises current practices and provides a more comprehensive solution is suggested. A critical feature of the proposal is that a distinction is made between audits of small entities and audits of major listed companies, only the latter of which are of public interest. Each would have distinct licensing and monitoring procedures.
U2 - 10.1108/eb024995
DO - 10.1108/eb024995
M3 - Journal article
VL - 7
SP - 31
EP - 47
JO - Journal of Financial Regulation and Compliance
JF - Journal of Financial Regulation and Compliance
SN - 1358-1988
IS - 1
ER -