Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/10470
Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Illegal acts and the auditor
Authors: Fraser, Ian
Hatherly, David J
Henry, William
Contact Email: ian.fraser@stir.ac.uk
Keywords: Illegal acts
Auditing standards
Professional debate
Audit techniques
Issue Date: Jun-2004
Publisher: Elsevier
Citation: Fraser I, Hatherly DJ & Henry W (2004) Illegal acts and the auditor, Accounting Forum, 28 (2), pp. 99-118.
Abstract: The extent to which auditing standards merely consolidate existing practice, as compared with the extent to which they are innovative and raise standards, is a matter of debate. This paper provides evidence on this issue in respect of the UK auditing standard SAS 120 concerned with the auditor's responsibilities for client illegal acts. Six case examples of illegal acts were developed and these formed the basis for interviews with forty-three practising auditors. It was found that auditors' assessments of their ability under current practice to discover specific illegal acts are significantly below their perceptions as to the need for these acts to be discovered. This indicates that auditors believe that their responsibilities in this area of the audit are not being adequately discharged. It was also found that auditor consensus appears to be an important consideration in the shaping of the standard and this is consistent with viewing auditing standards as consolidations of professional practice. However, it was also found that levels of consensus did vary and tended to be less in the case of less familiar illegal acts or those less proximate to the financial statements.
Type: Journal Article
URI: http://hdl.handle.net/1893/10470
DOI Link: http://dx.doi.org/10.1016/j.accfor.2004.04.008
Rights: The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.
Affiliation: Accounting and Finance
University of Edinburgh
Glasgow Caledonian University

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