Abstract
The abolition of the Audit Commission in England and Wales removes the ‘protector of the public purse’. The oversight body and its audit practice are largely replaced by the private sector regime and audit firms. We analyse the audit market for health service foundation trusts, an area of local public audit that operates without oversight from the Commission. We find evidence of premiums paid to some Big4 firms and that the presence of specialist public service auditors results in fee discounts. The firms limit their liability and assurance of audit quality is reduced under new audit regimes and governance structures.
| Original language | English |
|---|---|
| Pages (from-to) | 219-242 |
| Number of pages | 24 |
| Journal | Financial Accountability and Management |
| Volume | 31 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - May 2015 |
Keywords
- Audit oversight bodies
- specialist auditors
- premium audit fees
- audit quality
- audit independence
- governance
- foundation trusts
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Profiles
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Professor Sheila M Ellwood
- Cabot Institute for the Environment
- School of Accounting and Finance - Professor of Financial Reporting
Person: Academic , Member