Evolving financial auditing standards: overcoming unforeseen challenges in a dynamic global economy

Assyad Al Wreiket, Adel Almasarwah, Shakil Rahman, Arturo Capasso and Charbel Salloum
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Adel Almasarwah: Georgia College and State University - Partenaires IRSTEA - IRSTEA - Institut national de recherche en sciences et technologies pour l'environnement et l'agriculture
Arturo Capasso: University of Naples Federico II = Università degli studi di Napoli Federico II
Charbel Salloum: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School

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Abstract: This paper examines the complexities auditors face when adapting to unforeseen challenges, including regulatory changes and shifting economic landscapes. The study emphasises the importance of proactive risk assessments, flexible auditing methodologies, and the integration of technology into remote auditing practices. Through semi-structured interviews with auditors, financial managers, and general managers across 15 countries, this research explores how auditing standards were reshaped in response to regulatory guidance from key bodies, such as the Financial Reporting Council (FRC) in the UK, the Public Company Accounting Oversight Board (PCAOB) in the US, and the International Auditing and Assurance Standards Board (IAASB). These regulatory bodies issued updated guidelines to accommodate new risks and uncertainties during the pandemic, prompting significant shifts in audit practices across Europe, North America, and the Middle East. Findings reveal that auditors must balance traditional audit integrity with modern innovations, such as digital tools, to maintain audit quality. This research provides insights into the resilience of auditing standards amid evolving global conditions, offering practical recommendations for auditors, regulators, and policymakers.

Keywords: Auditing standards; Risk assessment; Remote auditing; Audit quality; Financial audit; Economy shifting (search for similar items in EconPapers)
Date: 2025
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Published in International Journal of Managerial and Financial Accounting, inPress, ⟨10.1504/IJMFA.2026.10068909⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04982151

DOI: 10.1504/IJMFA.2026.10068909

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