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Unregulated Markets for Audit Services

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Author Info

  • Karim Jamal

    (School of Business, University of Alberta, Canada)

  • Shyam Sunder

    (School of Management, Yale University, USA)

Abstract

Certification of financial reports is tightly regulated with the intent to ensure the quality of this service. In order to place this market within a larger perspective, Part I of this paper presents archival data on certification activity in the economy. The finding of widespread availability of a diverse set of certififiers for most goods and services points to the competitive conditions that accounting firms may encounter as they attempt to expand their range of services. In Part II we examine an instance of audit firms unsuccessfully competing with non-traditional assurance providers of e-commerce privacy certification. Their failure appears to be attributable, at least in part, to the high cost of certifi cation, inferior standards, and poor compliance by their clients. In Part III we document the types of certifi cation reports issued by government agencies and private certifi cation services. Private certification agencies issue more detailed and informative certification reports compared to government agencies. We discuss the implications of these findings for the market for audit services.

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File URL: http://www.rieb.kobe-u.ac.jp/tjar/article/vol1/pdf/1.Jamal_and_Sunder.pdf
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Bibliographic Info

Article provided by Research Institute for Economics & Business Administration, Kobe University in its journal The Japanese Accounting Review.

Volume (Year): 1 (2011)
Issue (Month): (December)
Pages: 1-16

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Handle: RePEc:kob:tjrevi:dec2011:v:1:p:1-16

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Related research

Keywords: Private Audit; Regulation; Certification Services; Audit Reports;

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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Shyam NMI Sunder & Karim Jamal & Michael S. Maier, 2002. "Privacy in E-Commerce: Development of Reporting Standards, Disclosure and Assurance Services in an Unregulated Market," Yale School of Management Working Papers ysm285, Yale School of Management.
  2. Radcliffe, Vaughan S., 1998. "Efficiency audit: An assembly of rationalities and programmes," Accounting, Organizations and Society, Elsevier, vol. 23(4), pages 377-410, May.
  3. DeAngelo, Linda Elizabeth, 1981. "Auditor size and audit quality," Journal of Accounting and Economics, Elsevier, vol. 3(3), pages 183-199, December.
  4. Cooper, David J. & Robson, Keith, 2006. "Accounting, professions and regulation: Locating the sites of professionalization," Accounting, Organizations and Society, Elsevier, vol. 31(4-5), pages 415-444.
  5. Mennicken, Andrea, 2010. "From inspection to auditing: Audit and markets as linked ecologies," Accounting, Organizations and Society, Elsevier, vol. 35(3), pages 334-359, April.
  6. Jamal, Karim & Sunder, Shyam, 2011. "Is mandated independence necessary for audit quality?," Accounting, Organizations and Society, Elsevier, vol. 36(4), pages 284-292.
  7. Shyam Sunder & Michael Maier & Karim Jamal, 2004. "Enforced Standards Versus Evolution by General Acceptance: A Comparative Study of E-Commerce Privacy Disclosure and Practice in the U.S. and the U.K," Yale School of Management Working Papers amz2630, Yale School of Management, revised 01 Nov 2004.
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