ETD Collection

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2015 - 20183

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    ISA 510 and ISA 620: relevance of, and practical implications for South African external auditors
    (2018) Kok, Marianne
    Purpose - The objective of the IAASB’s framework for audit quality is to raise awareness about the key elements, namely input, processing, output, interaction and contextual factors. Archival auditing research mainly focusses on input, interaction and contextual factors of the framework. This thesis focuses on the processing element of the audit quality framework. The purpose of this thesis is to explore the rationale for, practical implications and inconsistencies between the extent to which an auditor places reliance on the work of a predecessor auditor versus the work of an auditor’s expert. Design/methodology/approach - The research is exploratory / interpretive and qualitative in nature. It relies on detailed interviews with purposeful selected auditors who are involved in assurance engagements. Findings – Both ISA 510 and ISA 620 require a high degree of professional judgement and skepticism from auditors. ISA 510 rules based approach is interpreted as a measure to reduce auditor’s risk. Similarly compliance with procedures is seen as a source of normative isomorphic pressure similar to compliance with internal quality control processes established by audit firms. In comparison with ISA 510, ISA 620 poses a lesser audit risk as it is limited to a single transaction or balance. Mimetic isomorphic pressure has been noticed as this standard is continuously being used as part of an audit approach adopted in prior periods. Research limitations/implications - The study is conducted in a South African setting. While limiting the study to ISA 510 and ISA 620 may be seen as a limitation, insight into the practical application of ISAs is limited in archival auditing research. The study also did not deal with audit failures or the loss of confidence in the auditing profession. Practical implications - The introduction of mandatory audit firm rotation will highlight the importance of ISA 510. Change in auditors redirects focus to audit firms’ risk assessment processes and the impact of a change in audit methodology. Originality/value - The study contributes to the limited auditing research focusing on the processing phase of the IAASB’s framework for audit quality in a South African context. Its practical contribution outlines how auditors apply their professional judgement when using ISA 510 and ISA 620. It can be useful for auditors seeking to improve audit quality and for standard-setters to ensure internal consistency of audit practice.
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    What are the possible implications of mandatory audit firm rotation on specified audit quality dimensions?
    (2017) Ndaba, Harina
    Presently, there is no research dealing with the impact which MAFR will have on the South African audit profession. This research takes the first step to address this topic. It examines the possible implications of MAFR on specified audit quality dimensions with the aim of adding to the ongoing debate on this material policy decision. The early findings from 32 interviews conducted with those who are directly involved with audit and have been contributing to the development of audit practice in South Africa indicates that Mandatory Audit Firm Rotation will have more negative than positive implications on specified audit quality dimensions. This research makes a valuable theoretical contribution because it provides the first-hand account of the technical changes taking place at the firm level in response to a regulatory development. Concomitantly, it responds to the call for additional research on the nature of audit quality and the role of external regulation in driving higher levels of quality.
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