|Perceived value of mandatory audits of small companies | |
|Author(s): |Shifei Chung, (Assistant Professor, Department of Accounting & Finance, Rowan University, Glassboro, New |
| |Jersey, USA), Ramesh Narasimhan, (Associate Professor, Department of Accounting, Law & Taxation, Montclair |
| |State University, Montclair, New Jersey, USA) |
|Citation: |Shifei Chung, Ramesh Narasimhan, (2001) "Perceived value of mandatory audits of small companies", Managerial |
| |Auditing Journal, Vol. 16 Iss: 3, pp.120 - 123 |
|Keywords: |Accounting standards, External audit, Hong Kong, Small firms |
|Article type: |Research paper |
|DOI: |10.1108/02686900110385551 (Permanent URL) |
|Publisher: |MCB UP Ltd |
|Abstract: |As a territory of the UK (until 1 July 1997), Hong Kong followed the UK accounting and auditing standards quite|
| |closely, in most cases mirroring the requirements. However, there was a departure regarding the elimination of |
| |the statutory audit of small private companies in the UK in 1994, but this was not followed in Hong Kong. An |
| |audit is not required for small private companies in the USA either. This study evaluates the perceived value |
| |of the small companies’ audit in the opinion of two interest groups that are most affected by this requirement:|
| |small private limited companies and small audit firms....
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