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FAR Literature Review - Audit Committees and Audit Quality Prof. dr. Ann Vanstraelen Drs. Sanne Janssen Dr. Mathijs van Peteghem Dr. Caren Schelleman Ulrike Thürheimer Prof. Ganesh Krishnamoorthy Dr. Rogier Deumes Details
 

The purpose of this literature review is to provide an overview of the academic literature on the relationship between audit committees (ACs) and audit quality (AQ). The starting point for our review is the most recent comprehensive overview of literature on corporate governance research in accounting and auditing by Carcello et al. (2011a). We start from their findings and conclusions, and add our review of studies on the relationship between ACs and AQ for the most current period, starting with 2011. In doing so, we draw from the IAASB (2014) conceptual framework on AQ that presents the key input, process and output factors that contribute to AQ.

Authors

Prof. dr. Ann Vanstraelen

Ann Vanstraelen is Full Professor of Accounting and Assurance Services at Maastricht University and serves as Head of the department of Accounting and Information Management. She coordinates the multidisciplinary research theme "Culture, Ethics and Leadership". She earned her PhD at the University of Antwerp. Her research interests relate to the broad field of auditing and assurance services, governance, corporate reporting and disclosure, with a specific focus on the quality of accounting and auditing practices. She has been involved in several research projects including commissioned research by ACCA, IFAC and the European Commission. Ann Vanstraelen has published in journals including The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies, Auditing: A Journal of Practice and Theory, European Accounting Review, Journal of Accounting, Auditing and Finance, and Accounting and Business Research. She serves as an editor of Auditing: A Journal of Practice and Theory and is member of several editorial boards. Ann Vanstraelen is actively involved in the European Accounting Association in various functions, including national representative of the Netherlands, member of the Standing Scientific Committee, and chair of the organizing committee of the 2016 EAA Conference in Maastricht.

 


Drs. Sanne Janssen

PhD Researcher at University of Antwerp & Maastricht University

Dr. Mathijs van Peteghem

Assistant Professor at Maastricht University & Doctoral researcher KU Leuven

Dr. Caren Schelleman
Caren Schelleman is an assistant professor at the Department of Accounting and Information Management at Maastricht University School of Business and Economics. She has also been a visiting professor at the University of Auckland, New Zealand. Caren coordinates and teaches courses on internal control and auditing at both undergraduate and graduate levels. She has presented papers at Annual Congresses of the European Accounting Association, Midyear Meetings of the Audit Section of the American Accounting Association, the International Symposium on Audit Research, conferences of the European Auditing Research Network, and at several workshops and seminars in Europe and the US. Her research interests include auditing, assurance services, internal control, and corporate governance, both from an economic and a behavioral point of view.


Ulrike Thürheimer
Prof. Ganesh Krishnamoorthy
Dr. Rogier Deumes
FAR Practice Note - Audit Committee Involvement and Audit Quality Prof. dr. Ann Vanstraelen Drs. Sanne Janssen Dr. Mathijs van Peteghem Dr. Caren Schelleman Ulrike Thürheimer Prof. Ganesh Krishnamoorthy Dr. Rogier Deumes Details
 

The audit committee is a key feature of contemporary corporate governance. Despite ever-tightening regulation concerning its independence and expertise, it still is unclear why some audit committees underperform, and how this impacts the effectiveness of the external audit. We argue that, next to having the appropriate skills, audit committee involvement in the audit process is crucial for its effectiveness. Communication, trust, and support between the audit committee and the external auditor, as well as the power and leadership of the audit committee are key features which may affect how the audit committee deals with disagreements between management and the auditor, and to what extent it will critically challenge both parties. However, these “soft” dimensions are understudied, and more insight is valuable for practitioners, academics, as well as regulators on what triggers audit committee involvement, and how this feeds back into the audit process. We aim to demonstrate that an active, involved audit committee is able to create synergies with the external auditor, which can streamline the audit process and enhance audit quality.

Authors

Prof. dr. Ann Vanstraelen

Ann Vanstraelen is Full Professor of Accounting and Assurance Services at Maastricht University and serves as Head of the department of Accounting and Information Management. She coordinates the multidisciplinary research theme "Culture, Ethics and Leadership". She earned her PhD at the University of Antwerp. Her research interests relate to the broad field of auditing and assurance services, governance, corporate reporting and disclosure, with a specific focus on the quality of accounting and auditing practices. She has been involved in several research projects including commissioned research by ACCA, IFAC and the European Commission. Ann Vanstraelen has published in journals including The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies, Auditing: A Journal of Practice and Theory, European Accounting Review, Journal of Accounting, Auditing and Finance, and Accounting and Business Research. She serves as an editor of Auditing: A Journal of Practice and Theory and is member of several editorial boards. Ann Vanstraelen is actively involved in the European Accounting Association in various functions, including national representative of the Netherlands, member of the Standing Scientific Committee, and chair of the organizing committee of the 2016 EAA Conference in Maastricht.

 


Drs. Sanne Janssen

PhD Researcher at University of Antwerp & Maastricht University

Dr. Mathijs van Peteghem

Assistant Professor at Maastricht University & Doctoral researcher KU Leuven

Dr. Caren Schelleman
Caren Schelleman is an assistant professor at the Department of Accounting and Information Management at Maastricht University School of Business and Economics. She has also been a visiting professor at the University of Auckland, New Zealand. Caren coordinates and teaches courses on internal control and auditing at both undergraduate and graduate levels. She has presented papers at Annual Congresses of the European Accounting Association, Midyear Meetings of the Audit Section of the American Accounting Association, the International Symposium on Audit Research, conferences of the European Auditing Research Network, and at several workshops and seminars in Europe and the US. Her research interests include auditing, assurance services, internal control, and corporate governance, both from an economic and a behavioral point of view.


Ulrike Thürheimer
Prof. Ganesh Krishnamoorthy
Dr. Rogier Deumes
FAR Practice Note - De Betrokkenheid van het Audit Comité en Auditkwaliteit Prof. dr. Ann Vanstraelen Drs. Sanne Janssen Dr. Mathijs van Peteghem Dr. Caren Schelleman Ulrike Thürheimer Prof. Ganesh Krishnamoorthy Dr. Rogier Deumes Details
 

Het auditcomité is een belangrijk onderdeel van de huidige corporate governance. Ondanks de steeds strenger wordende regelgeving op het gebied van onafhankelijkheid en expertise, is het nog steeds onduidelijk waarom sommige auditcomités onderpresteren en hoe dit de effectiviteit van de externe accountantscontrole beïnvloedt. Wij stellen dat, naast het hebben van de juiste vaardigheden, de betrokkenheid van het auditcomité bij het auditproces cruciaal is voor de effectiviteit van de audit. Communicatie, vertrouwen, ondersteuning, macht en leiderschap zijn belangrijke kenmerken die van invloed kunnen zijn op de manier waarop het auditcomité omgaat met meningsverschillen tussen het management en de accountant, en in hoeverre het auditcomité beide partijen kritisch zal uitdagen. Deze 'zachte' dimensies zijn nog onvoldoende onderzocht. Er is meer inzicht nodig voor de praktijk, academici en toezichthouders over hoe de betrokkenheid van het auditcomité kan worden gestimuleerd en hoe de betrokkenheid het auditproces beïnvloedt. Wij willen aantonen dat een actief en betrokken auditcomité in staat is om synergie te creëren met de externe accountant, waarbij beide partijen op elkaar vertrouwen en elkaar steunen. Die synergie kan het auditproces en de auditkwaliteit naar een hoger niveau tillen.

Authors

Prof. dr. Ann Vanstraelen

Ann Vanstraelen is Full Professor of Accounting and Assurance Services at Maastricht University and serves as Head of the department of Accounting and Information Management. She coordinates the multidisciplinary research theme "Culture, Ethics and Leadership". She earned her PhD at the University of Antwerp. Her research interests relate to the broad field of auditing and assurance services, governance, corporate reporting and disclosure, with a specific focus on the quality of accounting and auditing practices. She has been involved in several research projects including commissioned research by ACCA, IFAC and the European Commission. Ann Vanstraelen has published in journals including The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies, Auditing: A Journal of Practice and Theory, European Accounting Review, Journal of Accounting, Auditing and Finance, and Accounting and Business Research. She serves as an editor of Auditing: A Journal of Practice and Theory and is member of several editorial boards. Ann Vanstraelen is actively involved in the European Accounting Association in various functions, including national representative of the Netherlands, member of the Standing Scientific Committee, and chair of the organizing committee of the 2016 EAA Conference in Maastricht.

 


Drs. Sanne Janssen

PhD Researcher at University of Antwerp & Maastricht University

Dr. Mathijs van Peteghem

Assistant Professor at Maastricht University & Doctoral researcher KU Leuven

Dr. Caren Schelleman
Caren Schelleman is an assistant professor at the Department of Accounting and Information Management at Maastricht University School of Business and Economics. She has also been a visiting professor at the University of Auckland, New Zealand. Caren coordinates and teaches courses on internal control and auditing at both undergraduate and graduate levels. She has presented papers at Annual Congresses of the European Accounting Association, Midyear Meetings of the Audit Section of the American Accounting Association, the International Symposium on Audit Research, conferences of the European Auditing Research Network, and at several workshops and seminars in Europe and the US. Her research interests include auditing, assurance services, internal control, and corporate governance, both from an economic and a behavioral point of view.


Ulrike Thürheimer
Prof. Ganesh Krishnamoorthy
Dr. Rogier Deumes
FAR Literature Review - Audit Production Prof. Joseph Gerakos PhD Prof. Chad Syverson Ulrike Thürheimer Details
 

Production is the process by which inputs are transformed into outputs through factors of production. In the case of an audit, audit effort (labor and time) is expended to produce assurance over client financial statements (O’Keefe, Simunic, and Stein 1994). As is typical for services, labor is the most important factor in the production of audits. Although audit production is crucial to understanding the economics of auditing, the literature on audit production is sparse due to the difficulty of observing and measuring the factors of production. Specifically, the lack of access to internal audit firm information makes it difficult for researchers to observe and measure production inputs. Moreover, the credence good nature of an audit makes it difficult to observe audit output (i.e., the level of assurance).

Authors

Prof. Joseph Gerakos PhD

Associate Professor of Business Administration Tuck School of business

Prof. Chad Syverson
Ulrike Thürheimer
FAR Practice Note - Audit Production Prof. Joseph Gerakos PhD Prof. Chad Syverson Ulrike Thürheimer Details
 

Production is the process by which inputs are transformed into outputs through factors of production. In the case of an audit, audit effort (labor and time) is used to produce assurance over client financial statements.

As is typical for services, labor is the most important factor in the production of audits. Although audit production is crucial to understanding the economics of auditing, the literature on audit production is sparse due to the difficulty of observing and measuring the factors of production.

Authors

Prof. Joseph Gerakos PhD

Associate Professor of Business Administration Tuck School of business

Prof. Chad Syverson
Ulrike Thürheimer