期刊名称：International Review of Management and Business Research
印刷版ISSN：2307-5953
电子版ISSN：2306-9007
出版年度：2014
卷号：3
期号：2Part 4
页码：1220-1228
出版社：Academy of IRMBR
摘要：In the financial reporting ecosystem, external auditors are important players entrusted with providing quality audits in order to uphold public confidence in audited financial statements. Many mechanisms have been adopted in an effort to regulate external auditors in order to maintain quality audit practices, including the adoption of International Standards on Quality Control 1 (ISQC 1) and the International Standards on Quality Control for Audits of Historical Financial Information (ISA 220). To complement the standards that govern audit quality, audit oversight functions are introduced as a means of auditing the auditors. The present study examines the features, characteristics and best practices of selected audit oversight bodies in the United States of America, the United Kingdom, Australia, Japan, Singapore and Malaysia. A content analysis of annual reports from oversight bodies in the aforementioned countries was undertaken. The analysis reveals contrasting practices in several areas including membership registration and transparency in the disclosure and reporting of the audit firms under sanctions. Based on these findings, the best practices adopted by the selected audit oversight bodies can be set as a benchmark for other countries in learning the pathway to improve financial reporting.
