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Dissertation
Year: 2020 Publisher: Liège Université de Liège (ULiège)
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Always on the move, the economic world follows a dynamic process over time. It seems that recent years have been particularly full of developments. In order to support this steady evolution but also to address some of the weaknesses highlighted by the financial crisis of 2008, the legal framework has also had to be amended at a very high rhythm. In addition, other societal trends, such as the increasing need for a work-life balance or the rise of digital technologies, have contributed to changing many of the benchmarks of corporate life. As economic actors, auditors in Belgium are not immune to changes of all kinds which affect their direct environments but also those of their clients. The aim of this thesis is to understand the recent evolution of the constraints to which the Belgian auditor is exposed and to assess the impacts on its organisation, workload and responsibility as well as the possible consequences on the audit market overall in the long run. In order to carry out the most relevant analysis possible, we have selected constraints arising from ones of the main and the most representative areas of the auditor's environment. Those selected areas are quality control, compliance, auditing standards, matters requiring in-depth technical skills, human resources and digitalisation. Based on regulations and literature, these analyses were also supported as much as possible by interviews with professionals and case studies. It results from our investigations that all the analysed constraints tend towards a structural change in the organisation of the Belgian auditor's work, an increase in his workload and a higher level of responsibility. Mainly as a consequence of the technical nature of some specific areas and a more restrictive formalism, there might be observed in the long run a strengthening of the dominant position held by the Big Four and a gradual increase in the portfolios of medium-sized audit firms within the mid-market segment. Smaller audit firms would rely more heavily on mandates in small-scale businesses and special assignments. In order to reach a critical size enabling them to better face all the new constraints, it would appear reasonable to expect some of these smaller audit firms to group together or be absorbed and thereby contribute to a sector consolidation.
Financial Auditor --- Belgian Auditor --- Ultimate Beneficial Owner --- audit quality --- audit standards --- financial crisis --- auditing qualifications --- audit recruitment --- digital auditing --- Big Four --- ISA --- IFRS --- FSMA --- CSR --- IRE --- Sciences économiques & de gestion > Comptabilité & audit
Dissertation
Year: 2021 Publisher: Liège Université de Liège (ULiège)
Abstract | Keywords | Export | Availability | Bookmark
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- Reference Manager
- EndNote
- RefWorks (Direct export to RefWorks)
The debacle of major financial scandals on a global scale has cast doubt on the credibility of the financial statements produced and has shaken the confidence that existed in the financial markets. Indeed, financial information has a real informational value for different parties and therefore the reliability of published financial information is of paramount importance for the proper functioning of the economy. The weakness caused by various accounting manipulations increases the importance of controllers to protect the interests of third parties. Two professions seem to be the guarantors of quality financial information : accountants and auditors. A priori, accountants act particularly as trusted advisors to companies and seem to provide more added value internally, while auditors, through their role of controlling annual accounts, are presumed to report on the quality of financial information to external parties, and serve the public interest. The aim of this study is to understand the contribution of these professionals on the credibility of the financial information of companies in Belgium, particularly in the digital and legislative context in which these professions and the economic world operate. In order to respond to this study, different approaches are carried out. A first part which is intended to be theoretical concerns the understanding of these two professions in order to extract the similarities and the differences. Subsequently, a literature review is carried out to understand the determinants of audit quality and the environment in which the profession of accountant operates. Then, a qualitative dimension is provided by the sharing of experiences of different professionals. Several elements emerge from our study. First of all, the contribution of these professionals seems relevant only insofar as they respect the ethics to which they are subject in order to ensure an honest and objective work. A multitude of measures are then put in place by the Institutes, laws and regulations. Second, clients seem satisfied with their professionals: the evolution of the legislative context and the search for internal and external credibility ensure the role of these professionals. In any case, the investment that these professionals provide is also part of the underlying desire to protect their title and reputation.
Financial Auditor --- Belgian Auditor --- Accountant --- Belgian Accountant --- trusted advisor --- audit quality --- accounting --- credibility of financial information --- stakeholders --- added value --- independence --- skills --- digitalization --- legislation --- ethics --- supervision --- ITAA --- IRE --- IEC --- Sciences économiques & de gestion > Comptabilité & audit
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