Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests that Big-4 auditors
Question:
Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests that Big-4 auditors charge higher fees than other auditors and their audit reports are more credible than those issued by other auditors.
Required
In times of economic recession would you expect:
(a) The demand for audits to increase or decrease?
(b) Clients to shift from large (Big-4) auditors to smaller auditors, or from smaller auditors to Big-4 auditors? Why or why not
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a In times of economic recession the demand for audits is likely to increase This might seem counterintuitive at first but there are several reasons f…View the full answer
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Related Book For 
Auditing A Practical Approach
ISBN: 9780730382645
4th Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Details
Chapter #
1- Introduction and overview of audit and assurance
Section: Review Questions
Problem: 30
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Question Posted: September 16, 2023 13:10:52