Impact of Corruption and Economic Crimes in the Public Sector of India

Abstract

The main aim of this study is to assess and compare the quality of audit disclosure between developing and developed countries. Regarding this, relevant methods and procedures have been followed for collecting and evaluating secondary qualitative data associated with the research phenomenon. An interpretivism research philosophy along with an exploratory research design has been used for guiding the research methods and procedures. The results of this study have revealed that the regulatory framework, auditing practices and activities are different in developed and emerging countries. The main factors that influence audit quality are effective optimisation and regulation by the government and business firms. Additionally, business firms are responsible for providing proper details and information associated with their “financial statements” and costing for reflecting their “financial performance” and position in the market. The governments of both developed and emerging economies have adopted effective regulations and legislations for ensuring proper disclosure of “audit reports” and “financial statements”. Due to the differences in these aspects and the practice associated with auditing, including auditing format, pricing and other activities, the quality of “audit disclosure” is also different among developing and developed countries. Apart from this, the maintenance of “audit quality” involves various aspects, such as legislation and government regulations. Keywords: Audit Disclosure, Developed Countries, Emerging Economies, Key Audit Matters, Quality of Audit