The Future of Auditing provides a concise overview of the function of auditing and the future challenges it faces, underpinned with suggestions for future research. It evaluates the key challenges facing the profession, such as quality, competition, and governance, as well as highlighting the under-explored areas of ethics, fraud, and judgement. The emphasis throughout is on the value of audit, and the importance of auditing research.
Providing an original assessment of global versus national auditing, evidence-based auditing standards, and the structure of professional firms, David Hay critically examines the value of auditing from different standpoints. He critically reviews current assumptions about the value of audits of financial statements, and explores research opportunities and priorities to improve understanding of the value of auditing and its future role and function.
This authoritative but accessible guide to the future of auditing and the challenges it faces will be useful not only to auditing researchers, but also to policy makers, standard setters, financial journalists, and auditing professionals seeking an accessible overview of current and future issues in auditing.
Table of Contents
Acknowledgements. 1: Overview: The future of auditing. 2: The value of auditing. 3: The future of auditing. 4: Opportunities for auditing research.
David Hay is Professor of Auditing at the University of Auckland, New Zealand. He was previously Head of the Department of Accounting and Finance at the University of Auckland. He has been an external reviewer of accounting degree programmes at more than ten universities and similar institutions in New Zealand, Australia, Malaysia, and Hong Kong. David and his co-authors won the 2017 "Notable Contribution to the Auditing Literature Award" presented by the Auditing Section of the American Accounting Association.
"Professor Hay has done an extremely good job laying out the economic foundation and value of the audit in a variety of settings. This message is sometimes lost in a complex economic environment where regulation can overshadow other forces. Clearly, auditing has much more to offer to market participants than simply a compliance exercise." — W. Robert Knechel, Director of the International Accounting and Auditing Center, University of Florida, USA