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Title: Determining challenges faced by SMPs and their effect on audit quality
Authors: Xuereb, Keith
Keywords: Small business -- Malta
Auditing -- Malta
Quality control -- Malta
Issue Date: 2019
Citation: Xuereb, K. (2019). Determining challenges faced by SMPs and their effect on audit quality (Master's dissertation).
Abstract: PURPOSE: Constituting the vast majority of accountancy practices, SMPs have a crucial role in providing audit services in the local industry. However, just like any other SME, SMPs are also heavily burdened. This study, therefore, examines what challenges are straining practitioners and how these are affecting audit quality, while identifying ways to alleviate them. DESIGN: A mixed research methodology was employed. A questionnaire was initially distributed among Maltese SMPs. The data gathered enabled an interview schedule to be developed. Semi-structured interviews were carried out with SMPs and with the Accountancy Board. FINDINGS: The majority of the respondents agree that the most impactful challenges are those of Keeping Up with New Regulations and Standards, Personnel and Staffing issues and overall Rising Costs. Two notable findings were the overly vast and vague regulations and a severe lack of supply of local, experienced practitioners. CONCLUSION: Keeping up with new regulations and standards was one the main challenges that raised alarm regarding audit quality. Continuous consultation and communication with SMPs should the main focus in order to identify which areas of regulation are causing the most concern for SMPs, thereby making it feasible to organize educational courses specifically designed with SMPs in mind. VALUE: This study helps SMPs to clearly define their challenges and to gain a deeper understanding on the risks they face, with the goal being to minimize them in order to improve their audit quality. Several recommendations were put forward.
Description: M.ACCTY.
Appears in Collections:Dissertations - FacEma - 2019
Dissertations - FacEMAAcc - 2019

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