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2018 | OriginalPaper | Chapter

2. Regulatory and Ethical Framework for Statutory Auditors’ Independence: A Review in Select Countries including India

Authors : Mitrendu Narayan Roy, Siddhartha Sankar Saha

Published in: Statutory Auditors’ Independence in Protecting Stakeholders’ Interest

Publisher: Springer International Publishing

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Abstract

In this chapter, the main objective is to conceptually review the regulatory framework for statutory auditors in select countries that make a significant contribution to world GDP. The focus is on the requirement that these auditors be independent. The countries selected are the USA, the UK, China, India and Germany. A comparative study of their regulatory structures is made based on certain parameters. In each of these countries, the regulatory structure is monitored by central government, professional institutes, financial market regulators and, in some cases, a separate audit regulator. These regulatory bodies issue pronouncements in the form of company law, professional regulation, codes of ethics, and auditing and quality control standards which establish the basic guidelines within which a statutory auditor must operate. In all of these regulations, the independence of statutory auditors is predominant. The enforcement of existing regulation is made through continuous inspections or prompt disciplinary action.

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next chapter Statutory Auditors’ Independence in Select Corporate Accounting Scandals Since 1990: A Comparative Study
Footnotes
1
Audit and Assurance Standards Board (2010). Standard on Auditing 200: Overall Objective of an Independent Auditor and the Conduct of an Audit in Accordance with Standards of Auditing. Institute of Chartered Accountants of India.
 
2
Jones, M. (2011). Creative Accounting, Fraud and International Accounting Scandals. New York: John Wiley & Sons. pp. 3–18.
 
3
Gupta, K. (2005). Contemporary Auditing. New Delhi: Tata McGraw–Hill. p. 10.
 
4
ICAI. Indian Accounting Standard (Ind AS) 1: Presentation of Financial Statements. Institute of Chartered Accountants of India.
 
5
Ministry of Corporate Affairs (2013). Companies Act: Section 143(3).
 
6
IESBA (2013). Code of Ethics for Professional Accountants. The International Federation of Accountants.
 
7
Duska, R., Duska, B., & Ragatz, J. (2011). Accounting Ethics. London: Wiley–Blackwell. pp. 27–29.
 
8
Velayutham, S. (2003). The Accounting Professions Code of Ethics: Is It a Code of Ethics or Code of Quality Assurance? Critical Perspectives on Accounting, 15, 971–993.
 
9
Preston, A., Cooper, D., Scarbrough, D., & Chilton, R. (1995). Changes in the Code of Ethics of US Accounting Profession, 1917 And 1988: The Continual Quest for Legitimation. Accounting, Organisations and Society, 20(6), 507–546.
 
10
Fleming, A. (1996). Ethics and Accounting Education in UK: A Professional Approach? Accounting Education, 5(3), 207–217.
 
11
IMF (2013). Op.cit.
 
12
Reporter (2009, July 14). China Is Already a Market Economy – Long Yongtu, Secretary General of Boao Forum of Asia. Eastday.com .
 
13
Webb, A. (2014, May 20). Germany Top Migration Land After U.S. in New OECD Ranking. Bloomberg Business News.
 
14
IMF (2013). Op. Cit.
 
15
CIA World Fact Book (2010). Op. cit.
 
16
World Bank Database (2012). Op.cit.
 
Literature
Bhaskar, S. (2009). Public Company Accounting Oversight Board (PCAOB) in India. Management Accountant, 44(3), 194–195
Chakrabory, P. (2004, September). Corporate Governance and Changing Role of Auditors. Chartered Accountant, 53(3), 269–272
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Narielvala, P. (1998, July). Code of Conduct for a Profession: A Torch to the Succeeding Generation. Chartered Accountant, 47(1), 153–161
Saxena, P. (1993, August). Auditor’s Independence: Learning from America’s Experience. Chartered Accountant, 42(2), 71–73
Shah, P. (2000). Do the Right Thing. Chartered Accountant, 49(5), 8–13
Singh, H. (2009). Responsibility of the Auditor with Respect to Compliance with Standards of Auditing. Chartered Accountant, 57(10), 1696–1705
Metadata
Title
Regulatory and Ethical Framework for Statutory Auditors’ Independence: A Review in Select Countries including India
Authors
Mitrendu Narayan Roy
Siddhartha Sankar Saha
Copyright Year
2018
Book
Statutory Auditors’ Independence in Protecting Stakeholders’ Interest

Print ISBN: 978-3-319-73726-3

Electronic ISBN: 978-3-319-73727-0

Copyright Year: 2018

DOI
https://doi.org/10.1007/978-3-319-73727-0_2