The overall complexity and estimation uncertainty inherent in financial statements have increased in recent decades; however, the related reports and services have changed very little, including the format of the balance sheet and income statement, the content in the auditor's report, and the...

International and U.S. accounting and auditing standard setters have focused considerable attention and rule making around group audits and in particular the reporting quality of subsidiary entities. We examine how membership in a consolidated group and the related group audit affects the...

Projects seeking to define, measure, and evaluate audit quality are on the agendas of auditing standards setters as well as audit firms. The PCAOB currently provides information regarding audit quality through the release of inspection reports, and the Board intends to establish and report audit...

Reported deficiencies continue to persist in audits of fair value measurements and other complex accounting estimates (hereafter, “FVMs”), despite improvements in auditor performance observed by regulators. The persistence of reported deficiencies in audits of FVMs suggests that factors...

Auditing fair value measurements and other complex estimates (hereafter FVMs) has received significant attention from regulators, practitioners and researchers. Using a survey, we gather data from audit partners with FVMs expertise to gain further insights in areas that have not been fully...

Recent reviews of the academic literature indicate that little is known regarding how users evaluate the materiality levels auditors use or respond to quantitative materiality disclosure. Regulators around the world have taken different stances on whether materiality should, or should not, be...

Several regulatory actions and professional standard setting changes occurring since the turn of the century have resulted in a fundamental change to the information captured by the audit report date. Whereas the audit report date previously captured substantial completion of audit fieldwork,...

Changes in the audit industry after Sarbanes-Oxley have potentially changed the nature and extent of audit sampling in the largest accounting firms. However, little academic evidence exists on current audit sampling policies in place at the largest accounting firms (Elder et al. 2013). As such,...