Research Implications of the Auditing Standard Board's Current Agenda

Pany, Kurt; Whittington, O. Ray

doi:10.2308/acch.2001.15.4.401

Cited by 23 publications

(18 citation statements)

References 12 publications

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“…Admittedly, the ARM provides broad evidential planning guidance and does not uniformly apply to all audit settings. The Auditing Standards Board has recently been examining the risk -effort relation and has decided to retain the ARM with minor revision (e.g., Pany and Whittington 2001). Our findings indicate that risk assessments affect the nature, timing and extent of audit procedures, thus affirming the decision made by the Auditing Standards Board.…”

Section: Introductionsupporting

confidence: 60%

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Evidential Effort And Risk Assessment In Auditing

Blay¹,

Kizirian

Sneathen

2011

JBER

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This study responds to prior literature highlighting the need for academic research to study the linkage of risks to audit procedures purported in the Audit Risk Model. We use audit workpaper data from a Big 4 firm to examine two significant relationships implicit in authoritative audit guidance: (1) the application of the audit risk model in practice, and the relationship between preliminary risk assessments and audit procedures, and (2) the potential loss of risk information upon risk aggregation suggested in the Audit Risk Model. Our findings indicate that preliminary risk assessments significantly affect planned audit procedures, and the potential for loss of information upon risk aggregation is not to be ignored. These results provide important evidence useful in developing audit policy for linking risk assessments and audit procedures.

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Section: Introductionsupporting

confidence: 60%

“…The results of this study speak to the scrutiny being placed on the ARM in academic research and by policy setters (Pany and Whittington 2001). This evidence suggests that studies modeling evidential planning decisions as independent may not account for the interdependencies between nature, timing and extent.…”

Section: Discussionmentioning

confidence: 69%

Evidential Effort And Risk Assessment In Auditing

Blay¹,

Kizirian

Sneathen

2011

JBER

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“…It requires APs to be used during audit planning and final review, provides greater specificity about the role of APs at each stage of the audit, and identifies criteria to be applied by auditors when selecting and evaluating APs (Blocher and Loebbecke, 1992). The AICPA Auditing Practice Release titled Analytical Procedures (AICPA, 1998) was revised and elevated to an audit guide to increase its authority and visibility (Pany and Whittington, 2001). In addition, the Auditing Standards Board issued an exposure draft to amend SAS No.…”

Section: Professional Backgroundmentioning

confidence: 99%

The use of analytical procedures by external auditors in Canada

Lin¹,

Fraser

2003

Journal of International Accounting, Auditing and Taxation

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“…Often, restaurant companies require employees to take on extra responsibility during periods of change and restructuring (Ainsworth, 2010), and acquisitions are looked at as a way to increase their market share in an environment of high competition and high development costs (Garg, 1999). In fact, restaurant companies have engaged in acquisitions three times as much as other services based companies (Pany & Whittington, 2001). Additionally, divestitures are common as companies change their business plan initiatives in response to current operating performance and the macro environment (Rui & Yip, 2008).…”

Section: Statement Of the Problemmentioning

confidence: 99%