The Factors Affecting Auditor Independence Accounting Essay

The Factors Affecting Auditor Independence Accounting Essay The issue of auditor independence is a crucial element and very important for the audit profession. This concept has been discussed widely and many definitions have been presented in literature. Independence refers to the auditors ability to present his opinion about the reliability of financial statements honestly and impartially away from his interest or the pressure of clients  [1]  (Ahmad, 1985). Literature has contemplated two standards for assessing auditor independence. Mautz sharaf(1961), who are among the pioneers in the study on auditors independence have developed a concept of independence with two components: practitioner-independence (independence in fact) and profession-independence (independence in appearance). The Public Oversight Board emphasized that the members of Certified Public Accountant firms should protect the profession by being independence both in fact and in appearance (Lowe et al, 1999). Independence in fact refers to the mental attitude of the auditor characterized by the integrity and the objective approach to the audit process. Also, the practitioner independence requires the auditor to be free from personal interest and susceptibility to excessive pressure  [2]  ( Moizer Sutton, 1997). However, since this mental process is unobservable and auditors also have incentives to violate their independence through satisfying their clients so as to maintain the economic bonding to the client  [3]  (DeAngelo, 1981), there is a need for the auditors to be perceived as independent(named independence in appearance) from the management team who prepares the financial statements. Orren (1997) states that independence in fact refers to the actual, objective relationship between auditing firms and their clients whereas independence in appearance is the subjective stated of that relationship as perceived by the clients and the third parties. Church and Zhang, (2002) argue that independence in fact is necessary to enhance the reliability of financial statements. On other hand, independence in appearance is necessary to promote public confidence such that users will rely on audited financial statements. Securities and Exchange Commission, 1979 asserts: The [auditor independence] issue is both one of appearance and of fact; if public confidence in the integrity of financial reporting is to be maintained, it is of the utmost importance that public confidence in the objectivity of independent auditors be similarly maintained. American Institute of Certified Public Accountants (Public Oversight Board, 1979): While it is, of course, essential that an auditor preserve his objectivity and integrity from his own viewpoint, commonly called independence in fact, it is also important that the auditor appear independent to all users of the financial information he provides. This latter concept is an essential ingredient to the value of the audit function because users of audit reports must be able to rely on the independent auditor. The need for Auditors independence Independence is an important auditing standard because the auditor adds justification and credibility to financial statement even when there are no material misstatements or omissions in the financial statements prepared by management (okolie 2007). The author Gupta (1999) is of opinion that is auditor is not independent of management; his opinion would mean nothing to shareholders, prospective investors, bankers, government agencies, and others who are concerned with the financial statements of a company. The author Ezeipe(2004) describes the concept of auditors independence in three dimensions  [4]  : Programme independence: Sometimes client manager have the intention to restrict or modify the procedures that the auditor want to perform. Thus auditors should always remain free from interference of client managers. Reporting Independence: The auditor should never let any feelings of loyalty towards the client to affect his work. He must fully and fairly disclose his obligations. Management are never allowed to pressurize the auditor. Investigative Independence: The auditor should have access to all necessary materials required on the content of an audit. For example, the auditor must have access to books and records; also active co-operation from management personnel during audit examination is required (salehi 2009). Factors affecting auditor independence In theory, there are many factors that affect independence of an auditor and these factors which have been studied can be: The effects of gifts The purchase of discounts arrangement The audit firm size The provision of management advisory services by the audit firm The client financial condition The nature of conflict issue The audit firms tenure The degree of competition in the audit services market The size of the audit fees The audit committee Practising non-audit services by auditors In this study, only factors such as the provision of non audit services, the audit firm size, the audit firms tenure, the degree of competition in the audit services market, the size of audit fees and non audit fees and the audit committee will be analysed and whether these factors will impair or enhance auditors independence. The provision of non audit services by auditors Audit failures  [5]  reported in the past have affected the profession of auditor worldwide because the interests of shareholders and stockholders have not been safeguarded. This problem has arisen as a result of the provision of non-audit services (Salehi and Moradi 2010). Non- audit services can be any services other than audit that an auditor provides to an audit client. Over the late 20th century, demand for business expert services has increased, wattington and Pany (2001) identified the different range of services which are offered by auditors to private and public sectors and these non-audit services include: training, services for payroll, risk management advice, mergers and acquisition, taxation, public offering, portfolio monitoring, recruitment and human resources and corporate governance. An auditor needs to pay much attention when both audit and non-audit services are provided to the same client, because these non-audit services may threaten the independence of auditor. Although there are market-based incentives for auditors to remain independent, there are also forces that potentially threaten auditor independence. Specifically, the SEC is concerned about two effects of non-audit services. One is a fear that non-audit service fees make auditors financially dependent on their clients, and hence less willing to stand up to management pressure for fear of losing their business  [6]  . The other is that the consulting nature of many non-audit services puts auditors in managerial roles, potentially threatening their objectivity about the transactions they audit. Auditors services relationship raises two types of independence concerns. First, the more the auditor has at stake in its dealing with the audit client, particularly when the non-audit services relationship has the potential to generate significant revenues on top of the audit relationship. Second, certain types of non-audit services, when provided by the auditor, create inherent conflicts that are incompatible with objectivity. In the United States, the Sarbanes Oxley Act of 2002 implemented a ban on nine non-audit services which include: Bookkeeping and other services related to the audit clients accounting records or financial statements. Financial information systems design and implementation Appraisal or valuation services and fairness opinions Actuarial services Internal audit services Management functions Human resources Broker-dealer services Legal services Ojo (2009) suggested that the provision of non- audit services by audit firms does not necessarily affect auditor independence. However, where the fees generated from non-audit services are relatively high (in proportion to the audit fees earned by such accounting firms), this creates a situation whereby the auditors independence is likely to be compromised since the auditor may be denied profitable contracts  [7]  where he gives a qualified opinion on the financial statement being audited. Proponents of the provision of audit services argue that synergies of knowledge spill over and audit efficiency arise from providing both audit and non- audit services. Nevertheless, following the collapses, auditing profession as a whole has been affected and changes were proposed to ensure that audit firms reduce their over-reliance on NAS (The Star, 2002). In order to ensure the independence of auditors and to protect the interest of investors, the accounting profession in most countries has come up with a code of ethics that spells out guidelines for auditors competency and independence. Audit committee An audit committee consists of a selected number of members of a companys board of directors whose main duties are to help auditors remain independent of management (Arens at al, 1999), that is, committee should support the auditor instead of management in different audit disputes. Braiotta (1999) and Goldman (1974) maintained that audit committees could monitor the financial reporting process and provide recommendations in the selection of auditors, negotiation of fees and termination of external auditors, which would ultimately diminish managements power over the auditor. Thus, the audit committee is anticipated to ensure that the firm has sufficient internal controls, proper accounting policies, and independent external auditors that will prevent the incidence of fraud and promote high quality and timely financial statements. The members who participate in the audit committee can be non-executive directors, corporate managers, academicians and retired partners of CPA firms (Knapp, 1987). In the U.S., the Securities and Exchange Commission (SEC) chairman, Levitt (2000) pointed out that, à ¢Ã¢â€š ¬Ã‚ ¦qualified, committed, independent and tough-minded audit committees represent the most reliable guardians of the public interest SEC requires Audit Committees to evaluate the independence of the companys external auditor when deciding whether or not to hire the auditor for providing non-audit services. In so doing, Audit Committees also are encouraged to consider how the auditor provided non-audit services may improve audit quality and enhance auditor independence. Size of audit firm  [8]   The size of audit firm is an essential characteristic that reflects auditor independence. Auditor reputation is directly associated with audit quality. Large audit firms will make sure to provide an independent quality audit service as the larger audit firms tend to have better research facilities and efficient financial resources, more advanced technology and more skilled employees who will be able to undertake large company audits compare to smaller audit firms. Large audit firms have larger client portfolios which enable them to resist management pressures whereas small firms provide personalised services as their client portfolios are limited and they have to succumb to management requirements (Lys and Watts, 1994). The issue of maintaining auditor independence is more crucial for smaller firms than larger firms. Pearson (1980) found the larger size of audit firms will enhance auditors independence, because, smaller firms would experience more difficulty in resisting client pressures in situations of conflict. As a result, the information content of audit reports certified by large firms is considered to be more and reliable than those of smaller audit firms  [9]  (Titman and Trueman, 1986). However, as pointed out by Goldman Barlev (1974), it cannot be concluded that large CPA firms are more resistant to pressures from their clients. This is so because the few court cases which challenge the assumption that CPA firms acted independently indicate that there is no guarantee that large CPA firm has the ability to resist pressures from clients, as happened with Arthur Andersen and Enron  [10]  . Level of competition in audit service industry Competition  [11]  has been identified as an external factor affecting auditor independence (Shockley 1981). Many firms which operate in an intensely competitive environment may have difficulty remaining independent as the client can easily acquire services of another auditor. The  [12]  AICP Cohen Commission (1978) in its report affirms that there are excessive competitions among public accounting firms and this excessive competition among different firms has been consistently identified as a factor threatening auditor independence  [13]  (Farmer et al., 1987). . Shockley (1981) had found that audit firms operating in an environment characterized by a high level of competition for audit clients would have a greater risk of decreasing their audit independence than where audit firms operated in a low-competition environment. However as suggested by Linberg and Beck (2004), Competition in the audit market makes the auditor more careful and concerned with the audit assurance level in their services. Tenure of an audit firm serving the needs of a given client An audit firms tenure refers to the length of time required to fill the audit needs of a given client. A lengthy association between a company and an accounting firm is likely to result a close identification of the firm with the interests of its clients, thus an independent action by the accounting firm become difficult. (U.S. Senate 1976). The author Mautz Sharaf (1961) added that after a long association, less rigorous audit actions, complacency and confidence in the client may arise. However, long auditor tenure may lead to a cozy relationship between the client and the auditor ad this may impair auditor independence due to a decrease in the auditors due-diligence and also becomes more prepared to turn a blind eye to inappropriate managerial actions. On the other hand, long auditor tenure is beneficial as auditors gain expertise in the field they audit and may reduce the auditors ability to detect irregularities or material misstatements (Gul et al., 2009) Size of audit and non audit fees The IFACs Code of Ethics for Professional Accountants (1996, para 8.7) propose that client size which is measured from size of fees could raise doubts as independence of auditor is concerned. The EFAA (October, 1998, p.4) clearly states that, the (total) fee from one client should not exceed a certain percentage of the total turnover of the audit firm. In cases of accounting scandals (for example Enron and WorldCom), the audit firm appeared to be in collusion with the management in hiding fraudulent activities. The major factor behind such reservation was the amount that the auditors received as non-audit fees from these clients. Anderson, the auditor for Enron, received US dollar 27 million as non audit fees in addition to US dollar 23 million as audit fees. The fact that the accounting firm received more than half of its Enron revenue from NAS gives an appearance of a lack of independence in the audit (Flaming 2002). In addition, the fees for non-audit services has also increased substantially and are more profitable than fees from audit services, thus strengthening the economic bond and substantially lead to impairment of AI . The regulatory bodies in the U.S. like the SEC, the POB and the AICPA emphasized that significant high non audit fees can negatively affect auditor independence and also impair auditor decision-making, when those decisions involve a substantial amount of professional judgment. In Malaysia the MIA By-Law (Section B-1.98 on Professional Independence) has emphasized that if the total fees (arising from assurance and non-assurance services) generated by one assurance client or its related entities exceed 15% of the firms total fees in each year over two consecutive financial periods, financial dependency shall be considered to exist, in which case, a self-interest threat to independence is created. In such event, the only course of action is to refuse to perform or withdraw from the assurance engagement. This 15% criterion has also been the level generally used by the ICAEW and Australia at which auditors have to consider their independent position.

Election of Lincoln and Civil War Essay examples -- history

Election of Lincoln and Civil War How did the election of Lincoln to president in 1860 lead to civil war in the United States of America? Essay: In 1860 Abraham Lincoln was elected as president of the United States of America, the repercussions of which led to civil war. However it was not only Lincoln’s election that led to civil war but also the slavery debate between the northern and southern states and the state of the economy in the United States. Together with the election of Lincoln these caused a split, both politically and ideologically, between the North and South states which manifested into what is now refereed to as the American Civil War. When Lincoln won the 1860 election it was not by a majority vote. As stated by the historian Neville he in fact won less than 40 percent of popular votes. However because the American election system is based on the college votes system (where each state is worth a certain number of points and if a candidate wins the majority of votes in that state he wins all the points for that state, regardless of how much he wins by. To win the entire election a candidate must win the most amount of points) he was able to win the election with a minority of votes. Lincoln won all the states in the north and in the west which, because of their high population, were worth the most points. This election caused the civil war because of what the southern states, the Confederate, perceived Lincoln to be. He was thought to be an abolitionist, meaning a person who wishes to abolish slavery completely. In fact Lincoln only wished to stop the spread of slavery, not to abolish it completely. He had no intention of changing the established social order in the south. Historian J. J. Cosgrove sees Lincoln’s election as the straw that broke the camel’s back. He claims in his book, co-written with J. K. Kreiss, Two Centuries that the civil war can be put down to five causes; slavery; political collapse that eliminated compromise; sectional economic rivalry; Southern nationalism; and the effect of fractional minorities such as abolitionists. This can be summed up as a rift between the north and south states. A rift between the north and the south had been present since the late eighteenth centaury. It began with the industrial revolution, which saw the northern states prosper. The north changed industries from fa... ...eadership of the democrats, believed in popular sovereignty ie the population of a state choosing for itself on the matter of slavery. The other member also aiming to rule the democrats was Breckinbridge, who believed in slavery being permitted in all states. The democrat party split into the northern and southern democrats. Because of the split Lincoln was able to win the election, upon which the southern states succeeded from the union. In conclusion the election of Lincoln as president in 1860 caused a civil war because it was falsely perceived by the south that Lincoln would threaten the state’s constitutional right to slavery. This false idea was due to a rift between the northern and southern states in both an economic and ideological manner. That is the north was based on industry and generally was opposed to slavery. But the South was an agricultural society which ran on slavery and, due to Nat Turner’s Insurrection and John Brown’s stand at Harper’s Ferry, was fearful of the north’s involvement in the governing of states as well as being opposed to this on the basis of state’s rights. The election of Lincoln caused the south to succeed from the union causing civil war.

Leadership Activity

II. Reality Check Author: Tom Siebold is a writer and consultant in Minneapolis. He is also co-owner of Collegegrazing. com–a site to help college bound teens to learn more about what they need and want in a college. Objective (s): To pinpoint actual leadership behavior and to set behavior goals How the author has used this exercise:   I have had success using this exercise as a pre- workshop self-inquiry activity. I have also used it as a homework assignment. Its strength lies in the fact that it paints a picture of actual behavior and then helps the leader see how he or she can redistribute behavior. Activity Description: * Have the participants think about what they actually do on a daily basis. Then ask them to draw generalizations about how they spend their leadership time. Each participant completes the Leadership Behavior Chart below (In blue font). * You can follow up with full group or small group discussion. The central question is this: Is your leadership behavior out of sync with the way that you feel an effective leader should be spending his or her energy? Think about your daily interaction with the people who you lead. Generally speaking, determine the actual behaviors that define that interaction. Using the list of behaviors below, determine the amount of time (in percentages) that you generally spend on each behavior. Then in the second column, determine what you feel would be ideal distribution of time (in percentages). Behavior | Percentage of time spent on each behavior | Ideally the percentage of time you would devote to each behavior | Informing |    |    | Directing |    |    | Clarifying or Justifying |    |    | Persuading |    |    | Collaborating |    |    | Brainstorming or Envisioning |    |    | Reflecting (Quiet Time for Thinking) |    |    | Observing |    |    | Disciplining |    |    | Resolving interpersonal conflicts |    |    | Praising and/or encouraging |    |    | Follow Up Questions 1. Is there a gap between how you should spend your energy and how you actually spend it? 2. Are there some behaviors that are taking up too much of your leadership time? Why? 3. Are there some strategies that you can employ that would move you closer to your ideal distribution of behavior? Options:   A. Some groups may want to calculate behavior totals to see how their peers are spending their energy. B. From the third column it is easy to move into a discussion about â€Å"ideal† leader distribution of energy. C. You may also use this same format with both meeting and team interaction. Added thoughts or considerations: Since this activity helps participants see what they are actually doing, it helps them translate leadership theory into real behavior. Once participants review their charts it is easier for them to design strategies to align their leadership behavior. –Return to Top– III. Your Leadership Calendar Author: Tom Siebold is a writer and consultant in Minneapolis. He is also co-owner of Collegegrazing. com–a site to help college bound teens to learn more about what they need and want in a college. Objective (s): To extend leadership learning beyond the workshop. How the author has used this exercise:   This exercise is a good follow up or homework activity. Activity Description: Ask the participants to mark twelve different days on their calendar spread out over four or six months. At the end of each marked day, participants should write down some leadership behavior (either positive or negative) that they exercised during that day. Each behavior should be followed by a reaction statement that answers two questions: â€Å"How did I feel about my action or behavior? †Ã‚   and   â€Å"How does this action or behavior jive with what I know about leadership best practices? Options:   On each marked day, the participant can send his or her personal leadership comments to a selected partner from the original workshop. This is a good method for accountability and feedback. Added thoughts or considerations: I almost always use the strategy in the Options section above. When people leave the workshop, they get caught up in daily mainten ance and frequently don't get around to doing the follow up exercises. By having them contact a selected partner from the workshop, it puts a little pressure on them to follow through. –Return to Top– IV. Leadership Dance Card Author: Tom Siebold is a writer and consultant in Minneapolis. He is also co-owner of Collegegrazing. com–a site to help college bound teens to learn more about what they need and want in a college. Objective (s): To encourage participants to talk to one another about specific leadership best practices How the author has used this exercise:   Very simply, I use this activity to get participants to share best practices. This format will work with almost any professional topic. Activity Description: Each leader has his or her own style of leadership. Some styles will work for you while others won’t. In this activity participants mix with the full group and sign up the names of three other participants on their â€Å"interview dance card. †Ã‚   Then during a set period of time (this may be done over an extended break or even a lunch period) participants seek out their â€Å"dance partners† to conduct a short leadership interview. They ask each other a set of questions provided by the facilitator and record the responses. Below are some leadership interview questions that I have used in this activity: 1. How do you motivate your reports? 2. How do you keep your reports meaningfully informed? 3. How do you maintain your team's focus on specific goals? 4. How do you set, clarify, and hold your reports accountable to   your expectations? 5. How do you recognize successful work? Note: you may want to restrict each interview to one or two questions depending on the amount of time you want to devote to this activity. When the full group reconvenes, the facilitator asks participants to share leadership tips and strategies that they picked up in their interviews. The facilitator may want to make a master list of these to pass out later. Options:   Have the group brainstorm for interview questions to be used in the interviews. Added thoughts or considerations: This activity serves many purposes: it gets the participants moving around, it connects people, and it is an efficient strategy to share best practices. –Return to Top– V. Center Stage Author: Tom Siebold is a writer and consultant in Minneapolis. He is also co-owner of Collegegrazing. com–a site to help college bound teens to learn more about what they need and want in a college. Objective (s): To visualize different leadership styles How the author has used this exercise:   If the group is comfortable with one another, a role playing activity can have some impact. I have used this activity to set up my   information about leadership styles. However, this same format can be used with a variety of different topics. Activity Description: Ask for four volunteers. One volunteer plays the role of a   team member who recently has missed meetings or arrived late. The other three volunteers each play the role of a different kind of leader. To save time I usually give the leader volunteers a personality trait from which they can create their persona: the by-the-book leader, the self-absorbed leader, the paternalistic leader, the softy, the blamer, the lecturer, the know-it-all, etc. Allow the volunteers to have some time to think about their role. Gather the full group in a circle and place two chairs in the middle. In turn, have each leader confront the team member. Explain the situation to the group before the role playing begins: Loren, the late team member, has not only been missing meetings or arriving late, he has also appeared to be very tired and disjointed. Some team members have suggested that Loren’s wife is ill, but others say the situation is rooted with Loren himself. As a leader, what is a good way to handle Loren? After all three scenarios have been played out, ask the full group to comment on the different leadership approaches—What worked? What could the leaders have done differently? How would the â€Å"ideal† leader handle this situation? This activity is a good spring board to exploring different leadership styles. Options:   You may want to have the full group identify three different role playing situations. Added thoughts or considerations: I try to check with some of the participants before the workshop begins to see if the group would be comfortable or willing to engage in a role playing activity. -Return to Top– VI. Leaders you Admire Author: Tom Siebold is a writer and consultant in Minneapolis. He is also co-owner of Collegegrazing. com–a site to help college bound teens to learn more about what they need and want in a college. Objective (s): To seek leadership characteristics through personal experience How the author has used this exercise:   I ha ve found stories to be a powerful way for participants to connect to the workshop subject matter. Generally people like to tell and hear stories. Activity Description: Divide the group into small groups. Ask participants to share a story about the best or most influential leader that they have encountered. After each story, identify leadership characteristics by asking the question: â€Å"What was it that made this person such an effective leader? †   Then as a group, identify the traits that all the leaders seemed to share. All groups then write the shared traits on a white board. You can use this traits list as a springboard to explore more about what makes a good leader. Options:   You can ask the groups to share stories about the worst leaders they have encountered. You will get some dandy stories. Added thoughts or considerations: I like to insert an activity like this into a workshop when participants are starting to run a little low on energy. A good story swap frequently revives energy. Be sure not to drag this activity out too long. Encourage the participants to include details in their leadership examples. –Return to Top– VII. Leadership Swap Author: Tom Siebold is a writer and consultant in Minneapolis. He is also co-owner of Collegegrazing. com–a site to help college bound teens to learn more about what they need and want in a college. Objective (s): To exchange leadership ideas and build participant rapport How the author has used this exercise:   Sometimes it is helpful to allow the participants to have some time just to swap leadership examples. In short they have some time to portray their own leadership style by giving examples. Activity Description: This activity is a structured leadership example exchange. Divide the group into groups of three. From the list of â€Å"situations† below, instruct the groups to take turns giving examples of something they have done or witnessed. Leadership Situations * A creative twist on a situation or issue. * A clever improvisation–â€Å"dancing on your feet† * A pleasant surprise * An Aha moment * Something that generated a great deal of excitement * A conflict resolved * A breakthrough insight or solution * A really tough situation * A blindside experience * A moving (emotional) situation Options:   You may want the groups to identify their own Leadership Situations Added thoughts or considerations: Remember that this is a set up activity, so don't let it go on too long.

Analysis Of The Book The Principle - 977 Words

Selected lithograph Paper (Edited) The â€Å"The Principle† was lithographed in 1918 by the artist named â€Å"Oskar Kokoschka†. The Principle is a stationary, bust sculpture like lithograph that depicts a sad laughing clown. The lithograph seems like it takes place in a large bare room with the clown bust gazing up and to the right of the room as if is pondering or thinking and has been for a very long time which gives the bust like lithography life. The Principle, was published in 1919 on cream, smooth, Japanese woven paper. Was published by Verlag Gustav Kiepenheuer from Berlin with the theme of death and war with political. The art work has blood splatter all over it, especially from the mouth the meaning is war with the clown face showing some type of comic sadness, and sadness is the heart of all comedy. He was friends with a sculptor and critic named Adolf Loos, which influenced Oskar to turn away from many of his old ways of decorative ideas and move on an expressive style of painting. 1910 he was in contact with many expressionist circles in Berlin, one specifically was Herwarth Walden who pushed and spread his work out to many others. Oskar was in the Great War, he volunteered for the Austrian Army when the war started, but was heavily wounded in 1915 and left the army. From 1916 to 1931 a fellow named Paul Cassirer who supported and showed many of Oskar works of art in his gallery and published many of his works, during this time Oskar had moved to Dresden in 1917 andShow MoreRelatedA Research On Malcolm Knowles1589 Words   |  7 Pagesrefuses his claims, but only support them with additional arguments. Knowles model claimed that there were four critical anagogical assumptions of adult learning, which differs from the assumptions of pedagogy (New Orleans 2004). 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