Den lovpligtige kvalitetskontrols indflydelse på revisionsbranchen i Danmark

Jacob Andersen & Andreas Feldvoss Ring-Larsen

Student thesis: Master thesis

Abstract

The objective of this master thesis was to analyze which influence the statutory quality control performed by “Revisortilsynet" has had on the auditing business. This subject is intriguing since numerous business scandals world wide have let to an increased pressure on the auditing business from the outside world which has increased the focus on statutory quality control. Consequently, governments throughout the western world have in the past decades passed legislation implementing requirements for the auditing business to become subject to quality control performed by independent supervision. This statutory control was introduced in the Danish legislation through “Revisorloven 2003”, implemented from the legislation of the EU. Furthermore, the changes in the legislation from “Revisorloven 2008” provided the Danish Commerce and Companies Agency with additional authority. The statutory quality control is managed by “Revisortilsynet” and is carried out by independent inspectors. The purpose of the quality control is to insure that the audit companies follow the above mentioned legislation. The first four reports published by “Revisortilsynet” show which consequences the new initiative in statutory control has had on the auditing business. One of the main consequences is that the difference in the size of the audit company corresponds with how they comply with the requirements of the new legislation. The reports illustrate that the majority of the auditing business has efficient quality control systems. In addition, it is primarily the minor auditing companies who have difficulties dealing with the new legislation requirement. As a result of this, there has been a “clean up” in the auditing business, forcing many auditors to give up their authorization. This “clean up” has contributed to an increase in the overall quality of the auditors’ work. In the analysis on the influence of the statutory quality control, it was examined how the auditing business responded to the new initiative. The analysis showed that the auditing business shared the same opinion namely that there was and still is an actual need for statutory quality control. Furthermore, there was a broad agreement among the auditors that they did not see any purpose by having non-auditors performing the control. Concluding, this master thesis shows that the statutory control performed by “Revisortilsynet” has had a considerable impact on the auditing business and has contributed to regain the trust from society by raising the quality of the auditors work.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2008
Number of pages138