Quality Control Procedure for Statutory Financial Audit: An Empirical Study

Siddhartha Sankar Saha
University of Calcutta, India

Mitrendu Narayan Roy
Goenka College of Commerce & Business, India

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Product Details
13 Jul 2017
Emerald Publishing Limited
336 pages - 152 x 229mm


Quality Control Procedure for Statutory Financial Audit: An Empirical Study takes a comprehensive look at the quality control framework for statutory financial audit. The authors, Saha and Roy, begin with a conceptual discussion on the quality of statutory audit of financial statements, focusing on identifying the different factors governing quality of audit, and establishing a comprehensive framework for quality control. They delve into the quality control framework in three specific countries: USA, UK and India, based on select parameters, and a comparative study is made among them. Lastly, the authors examine the effectiveness of the existing standards and other legal and regulatory requirements in enforcing quality control policies and procedures and suggesting modifications in those regulations which have been made based on a few respondents’ perceptions. Their recommendations can improve the future audit environment in safeguarding stakeholders’ interest.
Saha and Roy present the results of their research into the quality of statutory audits of financial statements, identifying different factors that govern the quality of audits and establishing a framework for quality control. They apply this framework to financial audits in India, Britain, and the US, then compare them in terms of select parameters. They also analyze respondents' perceptions of the quality control procedure for statutory financial audits, and from that suggest some measures to improve the quality control.
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