Reforming the Audit Market

Confidence in audit quality and auditor’s independence is taking a hit. This article examines if the proposed audit market reforms, in particular auditor rotation and limitations on non-audit services, may turn things around with emphasis on safeguards of audit quality in the Singapore context.

Further Readings

This article, which focuses on regulatory aspects in Singapore, arises from a research program that produces several other applied publications.

(a)    A 3-part series in the IS Chartered Accountants (Dec 2014 to Feb 2015) elaborate on the economics of the audit market structure (part 1), mandatory audit rotation (part 2), and the provision of non-audit services by the incumbent auditor (part 3) as follows:

Part 1: Please click here for full publication.

Part 2: Please click here for full publication.

Part 3: Please click here for full publication.

(b)   The  value  of  audit  is  a  related  issue  that  arises  when  researching  the  rationale  for  audit  market reform.  A  working  paper  examining  the  topic  is  posted  at  the  Social  Science  Research  Network (SSRN). In April 2015, the paper was listed on SSRN’s Top Ten download list.

Please click here for the abstract.