This article presents a comprehensive review of academic research pertaining to auditorindependence and audit quality. This literature review is conducted based on published articles during the period 1976-2013 in nine leading journals related to auditing. We organizeour review around four main threats to auditor independence, namely, (a) client importance, (b) non-audit services, (c) auditor tenure, and (d) client affiliation with audit firms.For each of the threats, we discuss findings related to the incentives, perceptions, and behaviors of the auditor and the client, as well as the effects of each threat on the actual andperceived quality of audits and financial reports. We conclude that the mixed evidence,together with recent regulatory changes, provides opportunities for future research onauditor independence and audit quality.
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