دانلود رایگان مقاله انگلیسی حسابرسی داوطلبانه: ترکیبی از ادبیات - تیلور و فرانسیس 2018

ABSTRACT

Voluntary auditing has received increased attention from researchers in recent decades. Empirical studies that have examined demand for voluntary audits have suggested that regulatory intervention may not always be necessary, though some argue that regulators protect society from market failure by demanding statutory audits [Barton, J., & Waymire, G. (2004). Investor protection under unregulated financial reporting. Journal of Accounting and Economics, 38, 65–116]. To date, there has been no review of the literature on determinants of voluntary audits. I provide a research framework to categorize the attributes that affect demand for voluntary audits and identify areas that need further examination. While the given compact body of literature has served different purposes, two major reasons for voluntary auditing are apparent: the importance of audited financial statements to lenders and the intention to further deregulate audits for smaller companies to relieve cost burdens. However, I contribute to the auditing literature by identifying the main attributes associated with the demand for voluntary audit. In doing so, I develop a framework consisting of firm attributes, separation of ownership and control attributes, agency relationship attributes, management attributes, and signalling attributes.

5. Conclusions

Prior researchers have found that firms have incentives to purchase audits even in the absence of regulatory requirements to do so (e.g. Collis, 2012; Niemi et al., 2012; Ojala et al., 2016; Kausar et al., 2016). The aim of this synthesis was to identify and evaluate existing evidence on the attributes of voluntary audits. The conclusions of this synthesis provide insight into auditing practices, which are important, given the significance of auditing firms to the economy. The findings may also be beneficial to standard setters in assessing the impact of regulation on small businesses. Concerns over the cost of regulation on small businesses have grown in recent years (European Commission, 2010). Obtaining an understanding of the impacts of regulation on small businesses must begin with an understanding of the assurance or audit that would be purchased by firms in the absence of regulation. Therefore, the findings of this study yield insights into the various determinants that influence the demand for audit in the absence of regulation.

Prior research highlights the importance of audited financial statements to lenders. For instance, Kim et al. (2011) and Minnis (2011) find that private firms that undergo voluntary audits pay significantly lower interest rates on their debt than private companies without audits. This source of demand for external audits should be kept in mind by practitioners, standard setters, and policy makers. The present study suggests that lenders continue to rely on external auditors to serve a monitoring role. Voluntary auditing is closely related to audit exemption thresholds (Kamarudin, Zainal Abidin, & Smith, 2012; Lopéz Combarros, 2000). Therefore, from a policy perspective, the debate on whether to increase the audit exemption thresholds is never-ending.