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What Determines Audit Independence and Expertise in Russia? Firm-Level Evidence

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  • Iwasaki, Ichiro

Abstract

Using 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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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/25471/1/RRC_WP_No27.pdf
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Bibliographic Info

Paper provided by Russian Research Center, Institute of Economic Research, Hitotsubashi University in its series RRC Working Paper Series with number 27.

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Length: 33, [13] p.
Date of creation: Feb 2013
Date of revision:
Handle: RePEc:hit:rrcwps:27

Note: This version: Feb, 2013
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Keywords: audit independence and expertise; board composition; business integration; foreign investment; Russia;

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