Abstract
Objectives: The objective of the study was to investigate the importance of audit quality in Mauritius and the factors affecting audit quality in Mauritius, from the perception of accounting professionals in Mauritius. Methodology: For the purpose of this study, a survey was carried out among accounting professionals in Mauritius. Based on existing literature, the questionnaire was designed and a five point-likert scale was used. The target population was accountants, auditors and stock brokers who were used as a proxy for investors. A stratified random sampling approach was used for the purpose of this study. A sample size of 200 accounting professionals was out of the 200 questionnaires administered, 188 were collected, of which 8 were discarded because they were not properly filled. Statistical analysis techniques for example; Factor Analysis, Descriptive Statistics, Independent Samples T-test and One-Way-ANOVA were used for the purpose of analysis. Findings: Majority of respondents have shown agreement with the importance of audit quality for its multiple beneficial contributions to successful corporate performance, and good governance in general. In addition the impacting factors on audit quality, by Turley and Willekens [1], regarding audit fees, firm size, tenure, reputation, financial statements-restatements, industry expertise, independence, non-audit services, and audit rotation, have been perceived as essential for achieving audit quality in Mauritius. The study reveals that female are more agreeable than male that audit quality enhances firm performance. The study also reveals that female are more agreeable than male that Long auditor tenure leads to high audit quality and that financial restatements of faulty statements negatively impact audit quality. Scope for Future Research: The study has investigated the audit quality from the perspectives of accounting professionals. Further study can include the perception of different users of accounting information such as shareholders, potentials investors, creditors, customers, employees amongst others to have a better evaluation of audit quality in Mauritius.
Highlights
The role and importance of the audit function in public, parastatal or private-sector entities has increasingly been attracting attention from various quarters, over recent years [2]
The study reveals that female are more agreeable than male that Long auditor tenure leads to high audit quality and that financial restatements of faulty statements negatively impact audit quality
Female are more than agreeable than male that Long auditor tenure leads to high audit quality and that Financial restatements of faulty statements negatively impact audit quality
Summary
The role and importance of the audit function in public, parastatal or private-sector entities has increasingly been attracting attention from various quarters, over recent years [2]. Serious doubts continue to be expressed publicly about how some Mauritian corporate entities may have been concealing their true financial situation or the huge losses of their related companies, through manipulated financial statements, sometimes in collusion with external auditors. This is where the vital importance of clean and high quality auditing appears to be attracting the attention of publics and various players or stakeholders in the Mauritian business environment
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