Confidence in audit quality and auditor’s independence is taking a hit. This article examines if the proposed audit market reforms, in particular auditor rotation and limitations on non-audit services, may turn things around with emphasis on safeguards of audit quality in the Singapore context.
This article, which focuses on regulatory aspects in Singapore, arises from a research program that produces several other applied publications.
(a) A 3-part series in the IS Chartered Accountants (Dec 2014 to Feb 2015) elaborate on the economics of the audit market structure (part 1), mandatory audit rotation (part 2), and the provision of non-audit services by the incumbent auditor (part 3) as follows:
(b) The value of audit is a related issue that arises when researching the rationale for audit market reform. A working paper examining the topic is posted at the Social Science Research Network (SSRN). In April 2015, the paper was listed on SSRN’s Top Ten download list.