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Accounting regulation changes: differing attitudes of directors and auditors


O'Leary, C and Boolaky, P and Delaney, D, Accounting regulation changes: differing attitudes of directors and auditors, International Journal of Accounting, Auditing and Performance Evaluation, 9, (4) pp. 365-387. ISSN 1740-8008 (2013) [Refereed Article]

Copyright Statement

Copyright © 2013 Inderscience Enterprises Ltd.

DOI: doi:10.1504/IJAAPE.2013.057523


After the global financial crisis many jurisdictions adjusted or proposed to adjust their accounting regulations, to improve financial reporting frameworks. This study examines and then compares the attitudes of Australian directors and external auditors to proposed legislative changes impacting upon annual reporting requirements. Directors appear opposed to additional legislation and indicate they would be less comfortable in their current roles and may not seek additional board roles. Auditors appear in favour of proposals which increase the responsibilities of preparers and would be more comfortable in their current roles if implemented. However, they appear opposed to additional responsibilities for reviewers of those reports. Directors and auditors were unequivocal in their opposition to any proposals which could impact on audit appointment. This has audit independence implications. The significance of the study is that legislators should consider carefully the impact of proposed accounting regulation changes as the need to balance investors’ rights and protections, with directors’ and auditors’ ability to effectively perform their duties, continues to be a complex balancing act.

Item Details

Item Type:Refereed Article
Keywords:accounting regulation; directors; auditors; audit independence; corporate governance; corporate legislation
Research Division:Commerce, Management, Tourism and Services
Research Group:Accounting, auditing and accountability
Research Field:Accounting theory and standards
Objective Division:Expanding Knowledge
Objective Group:Expanding knowledge
Objective Field:Expanding knowledge in commerce, management, tourism and services
UTAS Author:Delaney, D (Dr Deborah Delaney)
ID Code:138299
Year Published:2013
Deposited By:Accounting and Accountability
Deposited On:2020-03-31
Last Modified:2020-08-21

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