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Title: The review and compilation alternatives to the small company audit : user perspectives
Authors: Vella, Claire
Keywords: Auditing, Internal -- Malta
Internal revenue -- Malta
Bankers -- Malta
Accounting -- Malta
Issue Date: 2009
Abstract: The objective of the study was to assess the perception of bankers and the Inland Revenue Department, in relation to the introduction of review and compilation engagements, instead of the statutory audit. The study also identified any benefits and disadvantages that interviewees might obtain from a review or compilation engagement. The study includes an overview of relevant literature, followed by the results achieved by conducting interviews with representatives of four different major commercial banks in Malta, as well as with six representatives of the Audits and Compliance Section of the Inland Revenue Department. The study found that, the majority of respondents did not agree with the small company audit exemption, as a level of assurance is still required for small companies. Respondents, especially Inland Revenue interviewees, did not reject a review engagement instead of an audit, but they did not agree with the current procedures that were currently performed in a review engagement. On the other hand, compilation engagements were completely rejected by respondents. Overall, the study concludes that respondents were averse to change and that they prefer to retain the audit, even for small companies. The study recommends the statutory audit exemption and the introduction of a review engagement for small companies. Furthermore, it recommends that more knowledge is created in relation to the services of an audit, review and compilation engagements and the characteristics of Maltese small companies.
Description: B.ACCTY.(HONS)
Appears in Collections:Dissertations - FacEma - 2009
Dissertations - FacEMAAcc - 2009

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