Audit fees and audit adjustments: evidence from Welsh local authorities

Richard M. Baylis and Margaret J. Greenwood

Public Money & Management, 2016, vol. 36, issue 5, 357-364

Abstract: This paper exploits the availability of pre-audit financial statements to investigate the scale and incidence of audit adjustments and their impact on audit fees in Welsh local authorities. Adjustments to the politically-sensitive general fund, which represent a significant proportion of all adjustments, are associated with increased audit fees. The authors also found that audit adjustments on average result in more conservative reporting of the surplus/deficit and the balance on the general fund, with the number and value of downward adjustments exceeding those of upward movements.

Date: 2016
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DOI: 10.1080/09540962.2016.1194083

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