Why do audits fail? Evidence from Lincoln Savings and Loan

Article Abstract:

A description and critique of the procedures used to audit a set of material transactions from Lincoln Savings and Loan (LSL), a well-known audit failure, is presented. The resulting civil litigation yielded considerable auditor deposition testimony and working papers presented as evidence that provide a basis for formal analysis and proposal of alternative procedures; other research methods have not proved very successful in determining why audits fail, but a detailed analysis suggests several potential reasons, especially when management fraud is involved. Opportunities for future research and integration with professional standards are also discussed.

Savings & Loan Assns, Savings Institutions, Capital funds & cash flow, Banking industry, Case studies, Finance, Auditing, Savings and loan associations, Lincoln Savings and Loan Association

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The contribution on internal audit as a determinant of external audit fees and factors influencing this contribution

Article Abstract:

Fees for external audits are found to be determined by the contribution of internal audits, in the areas of level of risk, availability and quality of internal auditing, and the amount of coordination between the two groups.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Financial Management, Research, Prices and rates, Accounting firms, Accounting services

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Auditor reputation building

Article Abstract:

Company auditors who can show high results quickly begin to build their reputations quickly. Managers who are rewarded for hiring good auditors tend to continue hiring good auditors.

Applicant Selection, Human resource management, Appointments, resignations and dismissals, Employee selection, Auditors

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