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Independent oversight of the auditing profession: A review of the literature
Elshendidy, T. Eldaly, Mohamed K.A. Abdel-Kader, M.
Elshendidy, T.
Eldaly, Mohamed K.A.
Abdel-Kader, M.
Publication Date
2021-07
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openAccess
Accepted for publication
25/02/2021
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Abstract
This paper reviews the literature on the independent oversight of auditing from 2003 to 2018 and
provides several research opportunities for filling the identified gaps in that literature. Our review
classifies the literature into three themes: (1) the development of independent audit oversight; (2)
the effects of independent audit oversight; and (3) the interface between the independent audit
oversight authorities and the global audit networks. The paper finds different effects of the
independent audit oversight. Positively, it enhances the capital markets by adding more credibility
to the published information. Auditors become more conservative about accepting or continuing
to work with high-risk clients. At the same time, while audit fees have increased as a result of the
additional requirements of independent audit regulation, non-audit fees from audit clients have
decreased significantly. Negatively, independent oversight has increased audit concentration and
resulted in insufficient choice of auditors in most audit markets.
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Accepted manuscript
Citation
Elshendidy T, Eldaly MKA and Abdel-Kader M (2021) Independent oversight of the auditing profession: A review of the literature. International Journal of Auditing. 25(2): 373-407.
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