LITERATURE REVIEW ON AUDIT INDEPENDENCE AND MATERIALITY:A METHODOLOGICAL PERSPECTIVE

A Athira () and Baag Pankaj Kumar ()
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A Athira: Indian Institute of Management Kozhikode
Baag Pankaj Kumar: Indian Institute of Management Kozhikode

No 345, Working papers from Indian Institute of Management Kozhikode

Abstract: This paper is an attempt to study the literature contributions towards the concept of independence and materiality aspects of auditing and the methodologies used in the related literature. Our main focus ison the component of audit materiality, auditor independence,and the related philosophy. The review covers a large period ranging from 1996 to 2019. Auditing is an enlighten field of examination of books and accounts to express an independent opinion on thereon. Since the time and resource constraints play the mainrole, it is impossible to verify each and every minute transactions of an organization. The concept of materiality plays an important role here. This study helps to understand the importance given by literature for the concept of audit materiality, related techniques and the philosophy behind it. Auditor’s independence is an important concept in deciding upon the quality of the audit report. Auditors opinion should not be affected by other influences. Auditing standards are giving much more importantfor auditor independence and materiality.

Keywords: Audit Materiality; Auditor Independence. (search for similar items in EconPapers)
Pages: 22 pages
Date: 2019-10
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