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REF2014 Impact Case Study: The Impact of Changing Regulation on the Behaviour and Perceptions of UK Directors and Auditors

Impact: Economic & Commercial Impacts

  • Anthony Hines (Participant)

Description of impact

Research undertaken at the University of Portsmouth on the current regulatory framework for financial reporting and audit has informed and influenced debate in the House of Lords, particularly regarding the respective roles of auditors and audit committees. Furthermore, findings have had a significant impact on the audit procedures of Deloitte, one of the Big Four global audit firms. Their National Audit Technical Partner stated that it had prompted a reconsideration of the timing of their audit processes and the nature of interaction with their audit clients.

Who is affected

Government bodies; Financial regulators; Audit companies.

Narrative

The 2007 research project had an almost immediate impact with an invite to present preliminary findings to the Audit Quality Forum and briefing reports published by the ICAEW Centre for Business Performance resulting in changes initiated in Deloitte’s audit procedures. The research team were called to give oral evidence to a House of Lords Select Committee on Economic Affairs whose conclusion resulted in the Office of Fair Trading making a market investigation reference to the Competition Commission and subsequent further communication with the research team.

Category of impact

  • Economic & Commercial Impacts

Related information

Relations

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