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Title: The use of analytical review procedures in Maltese audit firms
Authors: Gatt, Clive Joseph
Keywords: Accounting firms -- Malta
Auditing -- Malta
Auditing, Analytical review
Issue Date: 2015
Abstract: Purpose – This study aims to examine the overall practice of ARPs in Maltese audit firms by analysing the different types of ARPs audit firms are currently using. Moreover, it seeks to identify and evaluate the extent of use of ARPs and their level of reliance across the aforementioned audit firms. The study also intends to assess how the level of ARP usage has changed with recent trends and developments. Design – In addressing the objectives of the study, fourteen semi-structured interviews were conducted with local audit firms of different sizes. Findings – The findings demonstrate that the audit firms still mainly rely on simple ARPs despite the IT developments occurring in recent years. Moreover, ARPs were found to be used by auditors throughout the audit process both as primary and secondary procedures with the level of reliance changing according to the necessities of the engagement. Recent trends such as the shift towards a risk-based audit and IT developments increased the use of ARPs. ARPs have also become more important due to the increasing popularity of the limited review engagement with audit firms considering ARPs as the key procedures for such engagements. Conclusions – The findings show an overall increase in the use of ARPs in Maltese audit firms. It is concluded that ARPs require substantial time and effort to be executed accurately in order to achieve high assurance levels. This suggests that audit firms need to balance efficiency and effectiveness in using ARPs as a fundamental audit procedure. Value – This research provides an updated study on the subject matter following several developments occurring from the date of the prior study. Furthermore, it creates more knowledge and awareness on ARPs especially when little academic teaching and research is present in this area of auditing.
Description: M.ACCTY.
Appears in Collections:Dissertations - FacEma - 2015

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