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Essays in Auditor Regulation: Evidence from the EU

Student thesis: Doctoral ThesisDoctor of Philosophy

With the publication of Directive 2006/43/EC, a system of public oversight over the audit profession was implemented across the European Union. This thesis analyses the resulting costs and benefits of national external audit monitoring systems, and evaluates the efficiency and effectiveness of public oversight practices in Europe.
First, it reviews the development of audit regulation in Europe, both before and after the release of Directive 2006/43/EC. It then reviews previous studies on the effects of regulation and cost-benefit analyses. Besides, it reviews studies specifically on public oversight systems, mainly in the United States (US), with a small number outside the US. The literature suggests there is mixed evidence for the efficiency and effectiveness of the public oversight system in the US, and further research is needed on public oversight systems, particularly in institutional settings outside the US. The two empirical chapters explore the audit pricing and quality consequences of the inspection regime, at pan-European and UK levels. Both studies find an increase in audit prices but no apparent impact on audit quality associated with audit inspection practice.
This thesis contributes to the literature on audit regulation and has implications for policy making by auditing regulators.
Original languageEnglish
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Award date2018

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