Audit Tendering in the UK: A Review of Stakeholders’ Views

Allam, A., Ghattas, N., Kotb, A. and Eldaly, M.K. 2017. Audit Tendering in the UK: A Review of Stakeholders’ Views. International Journal of Auditing. 21 (1), pp. 11-23. https://doi.org/10.1111/ijau.12076

TitleAudit Tendering in the UK: A Review of Stakeholders’ Views
TypeJournal article
AuthorsAllam, A., Ghattas, N., Kotb, A. and Eldaly, M.K.
Abstract

This study reports the results of a content analysis of the comment letters sent to the UK Financial Reporting Council (FRC), in response to its consultation document on the 2012 revisions of the UK Corporate Governance Code, concerning the proposal for mandatory audit tendering. The results indicate a general support for the FRC’s proposals with a number of key concerns related to audit quality, auditor independence and audit cost. There is also clear conflict of interests among some stakeholder groups such as audit firms and companies on one side and institutional investors on the other side. There is evidence of conflict of interest between Big 4 and non-Big 4 audit firms. Implications for future consultations and legislations are also discussed.

KeywordsAudit tendering
Audit Change
Independence
Audit Quality
Audit Market Structure
Corporate Governance
Content Analysis
FRC
JournalInternational Journal of Auditing
Journal citation21 (1), pp. 11-23
ISSN1090-6738
1099-1123
Year2017
PublisherWiley
Accepted author manuscript
Digital Object Identifier (DOI)https://doi.org/10.1111/ijau.12076
Publication dates
Published10 Oct 2016
Published in printMar 2017

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