Article2005

An Empirical Investigation of Price Competition and Industry Specialisation in NHS Audit Services

32 citations0/0 files storedFinancial Accountability and Management

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Auditing, Earnings Management, Governance Accounting and Organizational Management Corporate Governance and Financial Management

Abstract

The NHS audit market is regulated by the Audit Commission (AC) and has unique features. We develop a model for audit fees that includes rigorous analysis of the type of auditor. Poor financial standing does not give rise to higher audit fees. Despite regulation the study supports the existence of a Big Five price premium on the audit fee, but only one firm has a premium. We found no premium due to industry specialisation. The removal of performance audit from AC regulation will require improved audit fee reporting and control.

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References

1980The Pricing of Audit Services: Theory and Evidence 1981Auditor independence, ‘low balling’, and disclosure regulation 1995Auditor brand name reputations and industry specializations 1986Audit Fees and Auditor Size: Further Evidence 1984Auditing, Consulting, and Auditor Independence 1994The Production of Audit Services: Evidence from a Major Public Accounting Firm 2000Auditor Industry Specialization and Market Segmentation: Evidence from Hong Kong 1993DETERMINANTS OF AUDIT FEES FOR QUOTED UK COMPANIES

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