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Impact of CLERP 9 Reforms: A Longitudinal Analysis

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  • Peter Michael Robinson
  • Olav Muurlink

Abstract

Rounds of corporate collapse linked to failure of transparency in reporting frequently result in governance reforms aimed at audit processes. The 2004 CLERP 9 reforms in Australia were intended to improve standards of auditor independence and thereby enhance auditing practice in general. This study longitudinally examines three sources of archival evidence in an Australian context, before and after the introduction of the CLERP 9 reforms. It finds little support for any success of the CLERP 9 reforms with respect to auditor independence and questions whether lack of auditor independence is in fact a significant causation factor in audit failure.

Suggested Citation

  • Peter Michael Robinson & Olav Muurlink, 2022. "Impact of CLERP 9 Reforms: A Longitudinal Analysis," Australian Accounting Review, CPA Australia, vol. 32(1), pages 77-90, March.
    • Handle: RePEc:bla:ausact:v:32:y:2022:i:1:p:77-90
    DOI: 10.1111/auar.12365
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    References listed on IDEAS

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    1. Meuwissen, Roger & Quick, Reiner, 2019. "The effects of non-audit services on auditor independence: An experimental investigation of supervisory board members’ perceptions," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 36(C), pages 1-1.
    2. Pankaj K. Jain & Zabihollah Rezaee, 2006. "The Sarbanes†Oxley Act of 2002 and Capital†Market Behavior: Early Evidence," Contemporary Accounting Research, John Wiley & Sons, vol. 23(3), pages 629-654, September.
    3. Robert Cummins & Helen Nistico, 2002. "Maintaining Life Satisfaction: The Role of Positive Cognitive Bias," Journal of Happiness Studies, Springer, vol. 3(1), pages 37-69, March.
    4. David Hay & Jenny Stewart & Nives Botica Redmayne, 2017. "The Role of Auditing in Corporate Governance in Australia and New Zealand: A Research Synthesis," Australian Accounting Review, CPA Australia, vol. 27(4), pages 457-479, December.
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