Article1998

Reinventing auditing, redefining consulting and independence

139 citations0/0 files storedEuropean Accounting Review

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

Abstract

This paper deals with recent developments in auditing, taking KPMG's ‘business measurement process’ as its example. From this example it is discussed how and why auditing is currently being ‘reinvented’. The ‘reinvention’ of auditing, it is argued, represents a fundamental break with the established epistemological dualism between auditing and management advisory services,1 that is central to most literature on auditor independence, including the European Commission's Green Paper. Consequently, it is not only auditing that is being reinvented, it is also consulting and independence, and the consequences of this rupture are finally discussed. The paper concludes that the auditor cannot be independent because auditing is no longer independent.

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References

1999The Audit Society: Rituals of Verification 1998The Audit Society: Rituals of Verification 1997The Impossibility of Auditor Independence 1995The power of “independence”: defending and extending the jurisdiction of accounting in the United Kingdom 1980The Economic Role of the Audit in Free and Regulated Markets 1997Auditing organizations through a strategic-systems lens : the KPMG Business Measurement Process 1986Comparison of Audit Methodologies of Large Accounting Firms 1988Philosophy and Principles of Auditing: An Introduction

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