Behind Closed Doors: What Company Audit Is Really About by V. Beattie, R. Brandt, S. Fearnley

By V. Beattie, R. Brandt, S. Fearnley

This booklet is going "behind closed doorways" to discover the character of the connection among auditors and the finance administrators in significant indexed businesses. according to interviews with finance administrators and audited engagement companions of six enterprises, the ebook uncovers either side' perceptions of ways contentious and non-contentious matters are resolved. New insights are supplied concerning the workings of the audit approach itself, how negotiation is carried out, and the non-public relationships and stability of energy among the auditors and the board of administrators.

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Extra resources for Behind Closed Doors: What Company Audit Is Really About

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The moral atmosphere of the audit firm, is also being explored by researchers, although no clear results have yet emerged (Ashkanasy and Windsor, 1997; Sweeney and Roberts, 1997). 11 SECOND PARTNER REVIEW It is generally believed that second partner review (SPR) is an internal monitoring mechanism that audit firms can introduce to improve actual (and perceived) auditor independence. Since its inception in the US in 1977, the SEC Practice Section (SECPS) has required all members to institute SPRs on all listed company audits (AICPA, 1986).

Further, the APB requires that a report on this review is issued to the company management and strongly recommends that this report be included in the annual report. Stella Fearnley 28 The Background Since the Cadbury Report, there have been, to date, three further corporate governance reports. The Greenbury Report (1995) focuses on directors’ remuneration and requires extensive disclosures on this matter. The Hampel Report (1998) was a general review of corporate governance matters, as had been called for by the Cadbury Report.

Chapter 4 reviews the theoretical and empirical literature from non-accounting sources that discusses the general issues arising from conflict and negotiation. A model of the generic negotiation process is presented and the unique features of negotiation in an audit setting are discussed. The few empirical studies that relate to negotiation in audit settings are also outlined. The chapter then explains how the case companies were selected and approached, states the broad approach taken to the analysis, describes how each case was written up, offers a preliminary withincase analysis, and presents an overview of the general context and the interaction issues in each of the six cases.

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