What Determines Audit Independence and Expertise in Russia? Firm-Level Evidence
AbstractUsing a unique dataset of joint-stock companies, we explore the corporate audit system in transition Russia. In comparison with companies in Western and Asian Pacific states, Russian firms have a weaker audit system in terms of the independence and expertise of the audit committee and the external auditor. Board composition, foreign investment, and affiliation with a business group are highly important factors determining audit committee composition and audit firm choice as well as a combination of the two auditing bodies. However, each of these factors has a clearly distinct impact. Moreover, empirical evidence suggests that government ownership, company size, fund procurement activities, and overseas advancement significantly affect audit independence and expertise in Russia.
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Bibliographic InfoPaper provided by Russian Research Center, Institute of Economic Research, Hitotsubashi University in its series RRC Working Paper Series with number 27.
Length: 33,  p.
Date of creation: Feb 2013
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Note: This version: Feb, 2013
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audit independence and expertise; board composition; business integration; foreign investment; Russia;
This paper has been announced in the following NEP Reports:
- NEP-ACC-2010-10-23 (Accounting & Auditing)
- NEP-ALL-2010-10-23 (All new papers)
- NEP-CFN-2010-10-23 (Corporate Finance)
- NEP-CIS-2010-10-23 (Confederation of Independent States)
- NEP-CWA-2010-10-23 (Central & Western Asia)
- NEP-TRA-2010-10-23 (Transition Economics)
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