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Evidence about the value of financial statement audit in the public sector

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  • David Hay
  • Carolyn J. Cordery

Abstract

Multiple, complementary explanations have been developed to explain audit demand. Substantial evidence exists for these explanations in the private sector, but they have been explored to a lesser extent in the public sector. The authors assess the extent to which these explanations for the value of auditing are relevant in the public sector by examining evidence from New Zealand. The use of overlapping explanations was found to help to explain how auditing is valuable to a wide variety of users.IMPACTThis paper uses empirical evidence to examine the private sector explanations for audit in the public sector setting. It argues that attention to these arguments can assist supreme audit institutions (SAIs) in articulating how public sector audits can demonstrate their ongoing relevance to citizens, parliament and other stakeholders, as required by the applicable international standards. The paper has recommendations for national audit bodies, government accountants and policy-makers.

Suggested Citation

  • David Hay & Carolyn J. Cordery, 2021. "Evidence about the value of financial statement audit in the public sector," Public Money & Management, Taylor & Francis Journals, vol. 41(4), pages 304-314, May.
    • Handle: RePEc:taf:pubmmg:v:41:y:2021:i:4:p:304-314
    DOI: 10.1080/09540962.2020.1729532
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    Cited by:

    1. Serhii Bardash & Oleksandr Sherstiuk, 2023. "Audit of the Tourist Rent Existence," Oblik i finansi, Institute of Accounting and Finance, issue 1, pages 5-16, March.
    2. Abidoye Adenike & Awolowo Ifedapo Francis & Chan Dora, 2023. "Bridging the Gap: Integrating Forensic Accounting Skillsets for Enhanced Audit Quality in the Post-Pandemic Era," Journal of Forensic Accounting Profession, Sciendo, vol. 3(2), pages 63-81, December.
    3. Ionel Bostan & Mihaela Brindusa Tudose & Raluca Irina Clipa & Ionela Corina Chersan & Flavian Clipa, 2021. "Supreme Audit Institutions and Sustainability of Public Finance. Links and Evidence along the Economic Cycles," Sustainability, MDPI, vol. 13(17), pages 1-24, August.

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