By Christiane Strohm, Prof. Dr. Christoph Watrin
In contemporary years, the Sarbanes-Oxley-Act has obtained foreign awareness in contrast to few different legislation. the foundations offered during this act take impression on company perform and dominate the continued dialogue on enterprise structure within the united states in addition to in Europe.
Christiane Strohm investigates the consequences of the Sarbanes-Oxley-Act and the revised eighth EU-Directive on auditing. the result of her first scan point out that there's a distinction within the conversation and safeguarding results of a legislation, counting on the precision of its wording. Findings of her moment test convey that safeguarding results additionally rely on auditors' financial incentives and on perceived charges of litigation. the writer additionally assessments the effectiveness of a transparency document that's proposed via the ecu Union. an important safeguards (policies and methods) are appeared to be caliber insurance, inner qc and independence perform and compliance.
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Extra resources for United States and European Union Auditor Independence Regulation: Implications for Regulators and Auditing Practice
Example text
6 See Appendix 2 for a summaryof the relevant terms and definitions. 17 For purposes of regulatory frameworks, independence is usually separated into two related concepts. First, independence requires independence in mind, defined as a state of mind that is unaffected by influences which compromise professional judgment and that allows an individual to act with integrity and to exercise objectivity and professional skepticism (International Federation of Accountants 2004: 17). Frameworks use the phrase "independence in mind" when referring to independence in fact, and the term "objectivity" is generally referred to as "independence" (Securities and Exchange Commission 2001, European Commission 2002).
Supported by theoretical evidence these findings may indicate that non-audit services may be beneficial for both the final quality of the audit and the audited financial statements (Ewert 2004: 258). Research studying different effects on the supply and demand of non-audit services somewhat differs because different independent variables are used. Whereas there is no effect when the amount of auditors present in a market differs, there is a positive effect on the relative use of auditor-provided consultancy services of the percentage of share ownership of directors and stockholders.
This includes work, which was done by the auditor as an external person, as well as a previous director, officer, or influential employee of the client. Whereas most of the research focuses on the dependence bonds which develop as a result of audit fees and non-audit fees, less research is available regarding the risk of a self-review. This may be due to the fact that constructing a measure of the effect of self-reviews is more difficult than assessing quantitative measures like fees. Swanger and Chewning (2001) examined analysts' perceptions of auditor independence under five different scenarios.