THE SOUTHERN AFRICAN JOURNAL OF ACCOUNTABILITY AND AUDITING RESEARCH VOLUME 10: 2010   CONTENTS The audit expectation gap in Thailand Assessment of corporate governance reporting in the annual reports of South African listed companies Audit vs. independent review A survey of the standing of and demand for internal auditing in South African companies - an overview A professional accounting and finance qualification for the South African public sector ABSTRACTS The audit expectation gap in Thailand (TH Lee, A Md Ali, JD Gloeck, CS Yap, YL Ng & W Boonyanet) The audit expectation gap is denoted as the difference between what the public expects from an audit function and what the audit profession accepts the objective of auditing to be. The existence of an audit expectation gap is likely to be detrimental to the value of auditing and the well-being of the auditing profession as the contribution of auditing may not be fully recognized by society. This paper reports the findings of a questionnaire survey conducted to examine the audit expectation gap in Thailand. The study also analyzes the nature of the audit expectation gap in Thailand using Porter’s (1993) framework. The study finds that an audit expectation gap exists with respect to 18 of the 42 duties of auditors examined. The analysis of the expectation gap shows that selected respondents consider 12 non- statutory duties of auditors to be ‘unreasonable’ expectations, while 12 duties are considered as ‘reasonable’ expectations of auditors. These 12 duties are classified as ‘deficient standards’. The study also finds that two statutory duties are considered by the selected respondents to be ‘deficient performance’ by Thai auditors.   [ BACK TO THE TOP ] Assessment of corporate governance reporting in the annual reports of South African listed companies (K Barac & T Moloi) This article provides a brief overview of corporate governance practices in South Africa, examining current and recent literature, and discusses the results of a study that assessed the 2006 annual reports of the Top 40 JSE listed companies for their disclosure of mandatory corporate governance information. Content analysis was used to identify information for the assessment of the annual reports of the Top 40 JSE listed companies. The results indicate that the majority of the Top 40 listed companies adhere to good corporate governance disclosure practices. However, two areas are identified in which the non- disclosure of information was extensive. They are the selection of external auditors and whistle blowing. Audit vs. independent review (EM Odendaal & H de Jager) One of the provisions in the Companies Act of 2008 which is particularly significant to the auditing profession in South Africa is the introduction of the “independent review of financial statements of certain non-public interest companies” as an alternative to the conventional audit of financial statements which is required for public and public interest companies. However, no regulations have yet been provided regarding the manner, form and procedures for the conduct of an independent review, nor have the professional qualifications of persons who may conduct such reviews yet been defined. This study is a background study and analysis in order to provide a better understanding of this alternative to an audit of a company’s annual financial statements. The outcome of the research could be instrumental in the development of relevant regulations for the independent review of company financial statements in South Africa. [ BACK TO THE TOP ] A survey of the standing of and demand for internal auditing in South African companies - an overview (K Plant & B Steyn) This article explores the standing of and demand for internal auditing within South African companies. Central to the paper is a study of the changing profile of the internal auditor as well as the expanded roles of internal audit functions (IAFs). Key areas investigated include current academic and professional literature; the Chief Audit Executives’ (CAEs’) perceptions regarding the functions and activities of the Institute of Internal Auditors (IIA) in South Africa; the composition of the IAF’s staff complement and the demand for the services of the IAF; the IAF’s structure, standing, functions and roles in corporate governance, and risk assessment and risk management within the company. Data was gathered from the CAEs as well as the main users of internal audit services, namely the Chairperson of the Audit Committee (CAC), the Chief Executive Officer (CEO), the Chief Financial Officer (CFO), and/or the Chief Operating Officer (COO) of 30 large, listed South African companies. The findings of the study reported in this article indicate that IAFs have a high standing within South African companies and that there is a demand for all levels of internal auditors. A professional accounting and finance qualification for the South African public sector (LJ Erasmus & N Shamsoodeen) All tertiary institutions in South Africa need to review their academic programmes to comply with the Higher Education Qualifications Framework (HEQF) set as policy in terms of the Higher Education Act, Act 1 of 2007. New and revised programmes should be implemented as from 2010. This presents South African tertiary institutions with a unique opportunity to bridge an apparent gap in the current spectrum of academic programmes, by including a professional accounting and finance qualification for the public sector. The aim of this paper was to establish whether a need exists in the public sector for a professional accounting and finance qualification. The conclusion was that a need does exist, based on the opinions of stakeholders. The opportunity to develop a professional accounting and finance qualification for the public sector, may lead to a model for the public sector in South Africa, similar to that of the private sector (Chartered Accountant), where a sustainable supply of competent financial officials are available. [ BACK TO THE TOP ]
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