Contemporary Accounting Research Vol. 25 No. 1 (Spring 2008) pp. 219â42 Â© CAAA doi:10.1506/car.25.1.9 Contemporary Accounting Research Prior studies examining the relationship between risk factors and auditor effort ï¬nd mixed evidence on whether auditorsâ behavior is actually consistent with the audit risk model. Studies such as Mock and Wright 1993, Mock and Wright 1999, and Bedard 1989 use data from the working papers of actual audit engagements and examine the association between client risks and variations in audit plans. The overall conclusion of this research is that audit plans in practice are not strongly risk-adjusted; however, many of these studies are limited to small sample sizes and evidence from one audit ï¬rm. Studies examining the sensitivity of audit hours or audit fees to various risk factors do ï¬nd evidence of a relationship between audit effort and inherent risk, but no evidence that audit effort is sensitive to reliance on internal controls (Felix, Gramling, and Maletta 2001; Hackenbrack and Knechel 1997; OâKeefe, Simunic, and Stein 1994). It is worth noting that these studies all use data from time periods prior to the most recent round of high-proï¬le accounting scandals, and prior to the Sarbanes-Oxley Act of 2002. It is
Contemporary Accounting Research – Wiley
Published: Mar 1, 2008
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