Option #2: Auditor Competence
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Relationship of Statutory Auditors' Competence and Independence with Audit Quality
Abstract Quality of Statutory audit depends on competence and independence of the statutory
auditors. The absence of competence and independence of statutory auditors leads to corporate distress. Literature shows that competence and independence of the auditors in turn depend on 'adequate quality control procedures for statutory audit of financial statements'. And this depends on 14 independent variables such as auditor's inability to check regulation compliance, management's influence in auditor's appointment, selection by independent regulatory authority, whistle blower's protection policy, effectiveness of continuous learning process and its evaluation, failure to detect accounting frauds, unethical consulting services by auditors, impropriety of transactions, effectiveness of peer review of audit work, cut-throat competition and reward system for quality audit. This study is an attempt to investigate into the relationship of auditors' competence and independence with audit quality. The empirical research was carried out with responses from 227 Chartered Accountants (CAs) and 132 students pursuing the CA vocations. Chi-square test, Mann-Whitney test, and correlation coefficients test were used to analyse and interpret the data. The significant findings are that (i) the relationship between auditors' competence and independence of statutory auditors were not homogeneous because CAs have more professional experience than the students; and (ii) the auditors were unable to comply with all the regulatory formalities as observed by the CAs and students. These factors, in the opinion of respondents impaired the quality of audit. The competence and independence of audit quality can be improved by a continuous learning process, periodic check up of propriety transactions, audit inspection by a peer review Board and monitoring appointment of statutory auditors.
Keywords: Statutory Audit; Quality Audit; Chartered Accountants; Chi-Square Test; Mann-Whitney Test; Correlation Coefficient;
Mitrendu Narayan Roy Research Scholar
Department of Commerce University of Calcutta, Kolkata
Introduction
An audit is regarded as a quality audit if the auditor is able to identify any doubtful financial reporting practices and breach of applicable accounting laws in the financial statements. Corporate enterprise will lose its status if misreporting on the part of the management is identified and disclosed (Deis and Giroux, 1992). Every corporate enterprise tries to uphold and increase their existing stakeholder base in this present age of absolute competition in the financial market. This could perhaps lead them to pump up their financial
Siddhartha Sankar Saha Associate Professor
Department of Commerce University of Calcutta, Kolkata
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presentation and financial position using inconsistencies in accounting framework. Stakeholders who take their financial judgment based on the financial statements are sternly impacted due to such information irregularity. An unexpected termination of the corporate enterprise due to such fake financial representation cost them their invested money and confidence in country’s regulatory system. In such situation, statutory auditor protects stakeholders’ interest by reducing this information asymmetry (Becker, et.al., 1998). Statutory audit is the examination of financial statements of the corporate enterprise by an expert and autonomous authority. Statutory auditors form their impartial view about the financial statements based on sufficient and appropriate audit evidences and report the same keeping in mind the quality control policies of the governing accounting firm. In Indian regulatory environment, quality control policies and procedures are implemented by accounting firms based on Standard on Quality Control (SQC)-1 issued by the Institute of Chartered Accountants of India (ICAI) (ICAI, SQC-1, 2009). Every audit engagement team implement the policies and procedures of their governing firm in line with Standard on Auditing (SA)-220 issued by the ICAI (ICAI, SA-220, 2009a). The purpose of both these regulation is to ensure observance with regulatory pronouncements and issuance of suitable report which is appropriate in circumstances. However, with a view to comprehending the legal dictums and applying them in actual audit engagements, statutory auditors have to be competent as well independent in their audit engagement. However, statutory audit failure in recent cases of corporate demises (e.g. Enron, WorldCom, Satyam, etc.), (Francis, 2004) led to public anxiety about deteriorating audit quality in accounting profession. Regulatory interventions in the aftermath of those scandals always pointed towards competence and independence of statutory auditors as one of the major reasons. Truly speaking, lack of competence and independence of statutory auditors may have impaired the overall quality control framework that led the frauds happen without any hindrances. In this backdrop, the study explores 15 select issues or variables. Out of these 15 variables, there is one Dependent Variable titled, ‘Satisfactory Quality Control Procedure for Statutory Audit of Financial Statements’ which depends upon other 14 Independent Variables relating to competence and independence of auditors. All the variables are selected based on conceptual ideas developed from books, research papers and court judgements in legal case decisions.
Literature Review and Research Gap
The review of literature on the topic of the research that has led to identifying the research gap is explained through a tabular form as indicated below:
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Research Gap
Wells (2011) critically reviewed some case studies on audit failure, while Jones (2011), Thibodeau and Freier (2010), and Clickeman (2009) cited the professional responsibilities of statutory auditors in recent corporate accounting scandals. Dastur (1998) pointed out the regulatory inadequacies on statutory auditors’ independence. However, Fearnley, Beattie and Brandt (2005), and DeFond and Lennox (2011) talked about the impact of regulatory interventions on quality of the audit. Bazerman and Lowenstein (1999) in their research paper tried to find out the reasons behind statutory auditors’ lack of independence. Ultimately, Akpom & Dimpkah (2013), Ghosh (1999) and Lennox (2009) empirically analysed the impact of non-audit services, audit firm size, and audit market capitalisation on the quality of the audit.
In this backdrop, it is imperative to empirically analyse the perceptions of respondents on the stated theme of the paper as some empirical researchers on competence and independence of auditors are inadequate. Studies that take into consideration opinions of both practising CAs and Students pursuing Chartered Accountancy Course have not been made so far. A significant difference of views between CAs and Students and impact of competence and independence of auditors on quality control procedure for the statutory financial audit has not been searched upon in existing researchers.
Objectives
Keeping in mind the research gap, the major objectives of the study are formulated as follows:
1. To analyse homogeneity of opinion between CAs and Students; 2. To study empirically significant difference of opinion between CAs and Students
on select issues; and 3. To identify those issues having significant association with Satisfactory Quality
Control Procedure.
Hypothesis
With a view to empirically analyse perceptions of respondents to fulfil aforesaid objectives, the hypotheses are taken for the three objectives as follows: Objective-1: Analysing homogeneity of opinion between CAs and Students Hypothesis-1 Null Hypothesis (H0): Opinion of CAs and Students are homogenous. Alternate Hypothesis (H1): Opinion of CAs and Students are not homogenous. Objective-2: Studying empirically significant difference of opinion between CAs and Students on select issues
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Hypothesis-2 H
0 : There are no significant differences of opinion between CAs and students;
H1: Significant difference of opinion exists between CAs and Students. Objective-3: Identifying issues having significant association with Satisfactory Quality Control Procedure Hypothesis-3 H0: Dependent variable and select independent variables do not have any significant association between themselves; H1: Dependent variable and select independent variables have significant association between themselves.
Research Methodology
In this exploratory empirical research, data has been collected at the outset from primary as well as secondary sources. Secondary data for the study incorporates several books, journal articles, legislations, reports and legal case decisions which have been consulted for identifying research gap and selection of variables. Opinions of respondents are sought on these variables through a field survey.
Sampling Design and Collection of Data from the Respondents
Primary data for the study has been collected from practising Chartered Accountants (CAs) in Kolkata and Students pursuing Chartered Accountancy course from the Institute of Chartered Accountants of India (Eastern Region). Respondents for this current study have been selected based on Non-Probability Convenience Sampling Technique (Ho, Ong & Seonsu, 1997). As population sizes of individual respondent categories could not be determined, this sampling method is favoured. At the beginning of the field survey for the collection of opinions of respondents, initial respondents considered as sample size of 450 respondents comprising 250 CAs and 200 Students was selected and they were consulted. Ultimately, the complete responses came from 373 respondents comprising 227 CAs and 146 Students considered as final sample size through a meticulous survey conducted in the district of Kolkata during the period of January, 2015 to June, 2015.
Selection of Variables and Designing of Structured Questionnaire
The study explores a relationship between, ‘Quality Control Procedure for Statutory Financial Audit’ (also known as Dependent Variable) and one important parameter ‘Competence and Independence of Auditors’. In the current study, the essence of the Dependent Variable is captured with the help of ‘Satisfactory Quality Control Procedure for Statutory Audit of Financial Statements’ (V1). On the other hand, 20 variables are selected under, the parameter ‘Competence and Independence of Auditors’ based on applicable legislations, legal case decisions and research based materials. A few practising Chartered Accountants in Kolkata have been consulted as a matter of pilot survey to
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know the validity of the variables. Ultimately, those 20 issues were reduced to 14 most significant related issues (finally selected as independent variables) keeping in mind their suggestion for the current study. Dependent and 14 Independent Variables (total 15 variables) of the study along with rationale behind their selection are shown in the following table (Refer to Table 1). Based on those 15 variables, a structured questionnaire is designed on a 5 Point Likert Scale [1: Strongly Disagree (SD); 2: Disagree (D); 3: Neutral (N); 4: Agree (A); and 5: Strongly Agree (SA)] (Kothari, 2010) for collection of opinion of select class of respondents comprising CAs and Students.
Table 1: Selection of Variables and Rational for Selection
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Statistical Tools used for Analysis of Objectives of the Study and Interpretations The collected data has been incorporated in the statistical package SPSS 20.0
and opinions of CAs and Students on these variables have been empirically analysed. However, at the beginning, reliability and internal consistency of the data is tested with the help of Chronbach’s alpha (á). If the value of ‘á’ is greater than the threshold limit 0.6. Hence, the data is reliable and internally consistent (Peterson, 1994). In the current study, the value of ‘á’ is 0.786. Hence, the data is reliable and internally consistent. Now, in order to empirically analyse three objectives of the study, Chi-Square test of homogeneity, Mann-Whitney Test and Pearson’s Correlation and t test are conducted respectively. Brief ideas about these tests are enumerated below:
Chi-Square Test of Homogeneity
Homogeneity of opinion between CAs and Students for each independent variable is analysed using Chi-Square Test of Homogeneity. It is conducted to test Hypothesis-1 for each select variable. Test statistic is calculated as follows:
⇒ x2 = Σ [(F O – F
E )2 ÷ F
E ]
Where,
FO = Observed frequency of respondents in different levels of the categorical variable;
FE = Expected frequency of respondents in the different levels of the categorical variable.
FE = Nr × Nc÷ T
Where,
Nr = Total number of observations from population r for a particular variable;
Nc = Total number of observations from treatment level c for a particular variable.
T = Total sample size
At (r-1) × (c-1) Degree of Freedom (DF) [Where, r = Number of populations = 2; and c = Number of treatment levels = 5] and 5% level of significance, if probability of test statistic in Chi-Square table is less than 0.05, H
0 is not accepted and vice versa.
Mann-Whitney (M-W) Test
Significant difference of opinion between CAs and Students for each select variable is analysed using Mann-Whitney Test. Hypothesis-2 is tested with the help of this test. However, there are certain assumptions that must be fulfilled before conducting this test.
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Assumptions of M-W Test
(i) The dependent variable should be measured at ordinal level
Variables selected for this current study are measured in 5 point scale. It is an ordinal scale.
(ii) Independent variable should consist of two categorical independent groups
In this study, independent variable is the population groups. One is CAs and another is Students. Hence, they are categorical in nature.
(iii) Observations in one group must be independent from observations from another group
Chartered Accountants are independent in their observations from Students pursuing Chartered Accountancy Course.
(iv) The independent groups should not be normal distributed.
Normality of a distribution can be examined with the help of following hypothesis:
H 0 : Distribution is normal
H1: Distribution is not normal
⇒ To test the above hypothesis, Kolmogorov Smirnov (K-S) Test is conducted for each select variable across independent groups at ‘n’ (sample size of each group) degrees of freedom and 5% level of significance.
⇒ If P-Value of statistic is less than 0.05, H0 is not accepted proving the distribution as non-normal distribution.
It is observed that H0 is rejected for both the groups for each select variable. Hence, they follow non-normal distribution.
Subject to fulfilment of all the assumptions, M-W Test is conducted on the current dataset. The test statistic for the test is, smaller value of
U1 = n1n2 + [n1 (n1+1)] ÷2 – R1 Or,
U 2 = n
1 n
2 + [n
2 (n
2 +1)] ÷2 – R
2
Where,
n1 = sample size in Group-1;
n2 = sample size of Group-2;
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R1 = sum of ranks in Group-1;
R2 = sum of ranks in Group-2.
As test statistic approximately follows normal distribution, the Standardised Test Statistic (Z) is as follows:
Z = (U-mu) ÷ σu Where, m
u = n
1 n
2 ÷2; and σ
u = “ [n
1 n
2 (n
1 + n
2 + 1) ÷12]
At K-1 DF [where K = number of groups = 2] and 5% level of significance, if P- Value is less than 0.05, H0 is not accepted and vice versa.
5.3.2 Pearson’s Correlation Coefficient and t test
Association between Dependent Variable (V1) and each Independent Variable is measured with the help of Pearson’s Correlation Coefficient which is denoted by ‘r’.
Where,
x = Scores of each observation for V1; and
y = Scores of each observation for V i where i ranges from 2 to 15
Significance of ‘r’ is tested based on Hypothesis-3. Hypothesis-3 is tested with the help of ‘t’ test. The test statistic is developed as follows:
t = r ÷ [(1-r²) × (n-2)] where n is sample size = 373
At ‘n-1’ DF (372) and 5% level of significance, if P-Value is less than 0.05, H0 is not accepted and vice versa.
Results and Discussion
In this segment, a demographic profile of the respondents is presented at the outset. This section mainly represents the research findings in addressing the research objectives based on select empirical analysis, like Chi-Square test of Homogeneity, Mann- Whitney Test, t test, etc.
Demographic Profile of Respondents
Demographic profile of the respondents based on their gender, age and occupation is depicted here:
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Table 2: Demographic Profile of Respondents
(Source: Compilation of Primary Data using SPSS 20.0)
Findings
In the current sample, 98.4% are male, though it is not intentional. As Students form a significant portion of the final sample based, 42.6% of the total sample belongs to the age group with age less than 30 years. Finally, in the total sample, proportion of CAs (60.9%) is more than that of Students.
Analysing homogeneity of opinion between CAs and Students using Chi-Square Test of Homogeneity
In an empirical research based on respondents' perception, it is an imperative to recognise whether the population of respondents are homogenous in their responses for the select variables. It is tested using Chi-Square test of homogeneity.
Chi-Square Test of Homogeneity is conducted for Independent Variables and inferences are drawn on homogeneity of responses between 2 respondent categories. The following table depicts consistency between the opinion of CAs and Students for select variables. In the following table, Chi-Square value (test statistic) and P-Value for each Independent Variable are projected based on the methodology described in Section 5.3.1. Decision rule for accepting or rejecting H0 and the ultimate decision on the variables are also projected here.
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Table 3: Result of Chi-Square Test of Homogeneity
(Source: Compilation of Primary Data using SPSS 20.0)
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Findings
H0 is not accepted for any of the variables under the study (Table 3). Hence, CAs and Students are not homogenous in their opinion. Professional experience gathered by CAs make them more professionally aware about current economic environment. However, Students with their theoretical knowledge do not get such exposure. Therefore, for all the aforesaid issues, CAs and Students portray a heterogeneous attitude.
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Studying empirically significant difference of opinion between CAs and Students on select issue using Non-Parametric Mann-Whitney Test
Mann-Whitney Test is conducted to compare differences between two independent groups when the dependent variable is either continuous or ordinal but not normally distributed. If significant disparity exists between two categorical groups, it can be concluded that the basis of such classification has a significant impact on the opinion of the respondents. The major assumptions for performing this test are as follows:
1. The dependent variable should be measured at ordinal level;
2. Independent variable should consist of two categorical independent groups;
3. Observations in one group must be independent from observations from another group; and
4. The distributions for the groups should not be normal distribution.
All the assumptions for conducting this test are fulfilled (Refer to Section 5.3.2). Now, based on the methodology described under Section 5.3.2, test statistic has been calculated for each Independent Variable and their P-Value has been generated. The results of M-W Test have been projected for each Independent Variable (Table 4). Decision rule for accepting or rejecting H0 based on P-Value and actual decision on them is also shown in table-4. Table 4: Result of Mann-Whitney Test
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(Source: Compilation of Primary Data using SPSS 20.0)
Findings
H0 is accepted for variables like ‘Inability of the auditor to check compliance with all regulations in financial statements’ (V
2 ), ‘Effectiveness of Continuous Learning
Programmes (CLP) of ICAI’ (V7), ‘Periodical evaluation of outcome of CLP’ (V8), ‘Consideration of propriety of transaction under the purview of financial audit’(V12), and ‘Effectiveness of peer review of audit work’ (V
13 ). All these issues are generic and
opinion on these issues does not require any professional experience. Hence, CAs and Students are undistinguishable for these variables.
But the situation is different for rest of the variables. There is significant divergence of opinion between CAs and Students for them. Naturally, for these variables professional experience has a significant influence.
Identifying issues having significant association with Satisfactory Quality Control Procedure using Pearson’s Correlation Coefficient and t test
In this section, an attempt has been made to study the relationship between ‘Satisfactory Quality Control Procedure for Statutory Audit of Financial Statement (V1)’ and each and every Independent Variable with the help of Pearson Correlation Coefficient (r). The process of calculating ‘r’ has been described in Section 5.3.3. Significance of ‘r’ is tested with the help of ‘t’ test. Detailed methodology for the test is also enumerated in that section. Now, the value of ‘r’ between each Independent Variable and the Dependent Variable and their corresponding P-Value is projected in the following table (Table 5). Decision rule for accepting or rejecting H0 based on P-Value and actual decision take is also exhibited in Table 5.
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Table 5: Pearson's Correlation Coefficient and Result of t test
(Source: Compilation of Primary Data using SPSS 20.0)
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Findings
Result of t test for analysing significance of correlation between select variables and ‘Satisfactory Quality Control Procedure for Statutory Audit of Financial Statements (V1)’ shows that variables, like ‘Inability of the auditor to check compliance with all regulations in financial statements’ (V2), ‘Management’s influence in appointment of statutory auditors’ (V3), ‘Effectiveness of Continuous Learning Programmes (CLP) of ICAI’ (V7), and ‘Failure of current auditing system to detect systematically designed accounting frauds’ (V
9 ), ‘Cut throat competition in the accounting profession’(V
14 ) have
significant association with the theme of this study.
Among these variables, ‘Management’s influence in appointment of statutory auditors’ (V3) and ‘Failure of current auditing system to detect systematically designed accounting frauds’, ‘Cut throat competition in the accounting profession’ (V
9 ) have negative
association with audit quality. From the value of ‘r’, it is observed that the other two variables have significant positive association with it.
Conclusions and suggestions
The empirical study, based on the responses of 227 practicing CAs and 136 students, examines the relationship between statutory Auditors’ Competence and Independence with satisfactory quality control.
Opinions of CAs and students for selected variables governing competence and independence of statutory auditors are not homogenous as CAs have professional experience in these subjects that the students do not have. However, difference of opinions between CAs and students are not significant for selected issues such as, ‘Inability of the auditor to check compliance with all regulations in financial statements (V2)’, ‘Effectiveness of Continuous Learning Programme (CLP) of ICAI (V7)’, ‘Periodical evaluation of outcome of CLP (V8)’, ‘Consideration of propriety of transaction under the purview of financial audit (V12)’, and ‘Effectiveness of peer review of audit work (V13)’. From the findings of the research, it is observed that auditors are unable to comply with all regulatory formalities as observed by the respondents CAs and Students. Hence, time for each audit engagement should be increased to some extent. CLP is an effective mechanism of restoring competence and independence. However, their effectiveness should be measured from time to time. Propriety of transactions should also be checked by auditors as opined by both the respondent categories. Effectiveness of Peer Review Board in audit inspection should also be ensured.
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The variables like, ‘Management’s influence in appointment of statutory auditors (V3)’, and ‘Failure of current auditing system to detect systematically designed accounting frauds (V9)’, and ‘Cut throat competition in the accounting profession (V14)’ have significant influence on satisfactory quality control procedure. From the findings, it is suggested that an independent body should monitor appointment of statutory auditors to reduce management’s influence on appointment procedure. The Institute of Chartered Accountants of India (ICAI) should research on devising techniques to identify systematically designed accounting fraud. As competition in the accounting profession is observed to be one of the reasons behind statutory auditors’ impaired independence, the ICAI should take proper action to curb such competition in the market. A due emphasis on these proposals is expected to improve competence and independence of statutory auditors and implementation of a satisfactory quality control procedure.
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