The Auditor

Quo Vadis?
1. Auflage 2018
ISBN: 978-1-138-49676-7
Verlag: Taylor & Francis Ltd

Buch, Englisch, 126 Seiten, Format (B × H): 206 mm x 138 mm, Gewicht: 232 g

The audit profession is at a tipping point. Without significant innovation in its business model, staff recruitment strategies and audit execution processes, the audit profession may not remain relevant in the 21st century. The number of claims against auditors has significantly increased over the past twenty years due to the spate of corporate and audit failures early in the 21st century (Enron, Worldcom, Parmalat, etc.). Regulation to monitor professional and ethical standards has increased, leading audit firms to feel under even more financial pressure. In addition, the investor community is calling for greater insight and foresight from auditors. These challenges, coupled with the unlimited liability regime of auditors still applicable in many jurisdictions, are making audit firms and regulators nervous as to the systemic risk of another one of the Big 4 failing.

And yet, the audit profession is in place to protect businesses, their wider stakeholder groups, including clients and investors, and society at large. Therefore, this book asks the important question about the profession’s future and engages a broad readership in the discussion of audit failure and reform.

Intended to help readers to get up to speed with the issues and possible solutions quickly, this book assists directors, investors, business people and regulators, especially those with a non-financial background, to gain a greater understanding of the challenges and threats being faced by the audit profession, which in turn could disrupt the capital market and affect businesses across the globe. The book outlines the critical success factors needed for a sustainable audit profession.

Zielgruppe

Postgraduate, Professional, and Professional Practice & Development

Autoren/Hrsg.

King, Mervyn

de Beer, Linda

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensorganisation, Corporate Responsibility Unternehmensethik

Inhaltsverzeichnis

List of tables; Foreword (Sir Mark Moody-Stuart); Acknowledgements; Acronyms and Glossary of Terms; Authors’ introductory note; Introduction; Part 1: The History of Audit; Chapter 1: History of Accounting and the Birth of the Loan Stock Company; Chapter 2: History of Auditing and the Birth of the Audit Profession; Chapter 3: The Statutory Role of Auditors; Chapter 4: The Audit Expectation Gap and the Role of Audit Regulation in Bridging the Gap; Part 2: The Threat – the Ability of the Audit Profession to Meet the Demands of the 21st Century in the Context of Auditor Responsibility and Liability; Chapter 5: The Era of Audit Regulation; Chapter 6: The Modern Day Role of Auditors; Chapter 7: Auditor Responsibility and Liability; Chapter 8: Regulatory Focus Areas Impacting Auditors; Chapter 9: Critical Success Factors of a Strong Audit Profession into the Future; Part 3: Addressing the Liability Threat – The Auditor Judgment Rule; Chapter 10: Damages for a Negligent Audit; Chapter 11: The Outcry for Limitation of Auditor Liability; Chapter 12: Directors’ Duties and the Business Judgment Rule; Chapter 13: The Auditor Judgment Rule; Part 4: In Conclusion; Reference list; Index

Über Autor(innen)

Mervyn King consults and advises on corporate legal issues. He is recognised internationally as an expert on corporate governance and reporting. He sits as an arbitrator and as a mediator. He is a founding member of the Arbitration Foundation of Southern Africa and for some eight years was the South African judge at the ICC International Court of Arbitration in Paris. He has acted as an Inspector of Companies and a Commissioner of Inquiries into the affairs of companies. He is a regular speaker on radio and television talk shows and ran his own television series, King on Governance.

Linda de Beer is an independent non-executive director, serving on the boards of a number of listed companies. She provides reporting and corporate governance advice to various corporates, does mediation on technical reporting, auditing and corporate governance matters, facilitates training and performs expert witness work on these matters. She is an honorary professor (professor in practices) at the University of Johannesburg, South Africa. She previously chaired the Consultative Advisory Group of the International Auditing and Assurance Standards Board and currently serves on the Investor Advisory Group of the Public Company Accounting Oversight Board in the US.