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About this book
This book takes us 'behind closed doors' to uncover the nature of the relationship between the audit engagement partner and the company finance director in major listed companies. Based on matched interviews with finance directors and audited engagement partners of six listed companies, the book uncovers both sides' perceptions of how contentious and non-contentious issues are resolved. New insights are provided about the workings of the audit process itself, how negotiation is conducted and the personal relationships and balance of power between the auditors and the board of directors.
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Keywords
Table of contents (13 chapters)
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Front Matter
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The Background
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Front Matter
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The Analysis and Conclusions
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Front Matter
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Back Matter
Reviews
'The case studies give you more idea of how companies really work on the inside than a mile-high pile of management books ever could. They also show for the first time what the realities of audit politics, fee pressures, integrity and independence, and the myth of non-audit services affecting judgement, really are. Many people will have to change their views as a result of the findings.' - Robert Bruce, Accountancy Editor, The Times
'The individual case studies are fascinating reading. The book reminds us that good auditing and good financial reporting is in the hands of human beings in both audit firms and their client companies. The quality of auditing and financial reporting is thus subject to the normal human frailties and understanding this is one of the keys to ensuring high quality. The book makes some practical recommendations for improvement as well as highlighting areas for more research, including the impact of non-audit services on auditor independence - thankfully given a clean bill of health by this study.' - The Baroness Noakes, DBE, Immediate Past President, Institute of Chartered Accountants in England and Wales
'This book is a very convincing description of the heart of the audit process. The case studies bring into play the important influence of third parties, above all, the audit committee whose skill can so clearly make a difference to the company's report. I would recommend the book highly for reading by potential audit partners and by non-executive directors, particularly audit committee members. The case studies show that you don't have to be dealing with Maxwell for your mettle to be tested. This is a research book and, for the lay reader, the real value is obtained by reading the case studies. The detailed analysis that develops a grounded theory analysis of auditor-client interactions will be of more interest to academic researchers. - Ian Hay Davison, FCA and former chairman of the Cadbury-Schweppes Audit Committee
'...the book presents a number of interesting stories about the interplay between auditors and clients as financial statements are about to be finalized. The book is likely to be of interest for both auditing students and academic scholars.' - International Journal of Accounting
Winner of the Deloitte Foundation and American Accounting Association Wildman Medal 2007. For more information, see http://www.socialfunds.com/news/release.cgi/9306.html
About the authors
VIVIEN BEATTIE is Professor of Accounting at the University of Stirling. She has published over thirty research articles and reports, as well as contributing regularly to professional journals. Her main research interests are external audit and business reporting. She is a member of the UK Accounting Standard Board's Academic Panel. She is also a panel member for Accounting and Finance in the 2001 UK Research Assessment Exercise being undertaken in the UK.
STELLA FEARNLEY is a Reader in Accounting in the Department of Accounting and Management Science, University of Portsmouth and was formerly a senior technical manager at Grant Thornton. Her main research interests are external audit and accounting regulation, and she has published widely on these topics. She is an elected member of the Council of the Institute of Chartered Accountants in England and Wales, being Deputy Chair of its Centre for Business Performance.
RICHARD BRANDT is a Research Fellow in the Department of Accounting and Management Science, University of Portsmouth. He was previously Head of Audit at Grant Thornton for nine years, and is a former member of the Urgent Issues Task Force. He is editor of the 2000-2001 edition of Auditing and Reporting, published by ABG Professional Information.
STELLA FEARNLEY is a Reader in Accounting in the Department of Accounting and Management Science, University of Portsmouth and was formerly a senior technical manager at Grant Thornton. Her main research interests are external audit and accounting regulation, and she has published widely on these topics. She is an elected member of the Council of the Institute of Chartered Accountants in England and Wales, being Deputy Chair of its Centre for Business Performance.
RICHARD BRANDT is a Research Fellow in the Department of Accounting and Management Science, University of Portsmouth. He was previously Head of Audit at Grant Thornton for nine years, and is a former member of the Urgent Issues Task Force. He is editor of the 2000-2001 edition of Auditing and Reporting, published by ABG Professional Information.
Bibliographic Information
Book Title: Behind Closed Doors: What Company Audit is Really About
Authors: Vivien Beattie, Stella Fearnley, Richard Brandt
DOI: https://doi.org/10.1057/9780230599413
Publisher: Palgrave Macmillan London
eBook Packages: Palgrave Business & Management Collection, Business and Management (R0)
Copyright Information: Palgrave Macmillan, a division of Macmillan Publishers Limited 2001
Hardcover ISBN: 978-0-333-74784-1Published: 13 March 2001
eBook ISBN: 978-0-230-59941-3Published: 13 March 2001
Edition Number: 1
Number of Pages: XXII, 309
Topics: Accounting/Auditing, Financial Accounting, Macroeconomics/Monetary Economics//Financial Economics, Corporate Finance, Business Finance