Identifying and Addressing Regulatory and Legal Challenges Encountered by External Auditors in Africa and Asia

Abstract

Rules, Acts and regulations play an immensely huge role in influencing the quality of audits, as well as facilitating a harmonized system of rules – which in turn, will facilitate better interpretation of accounting standards whilst reducing confusions which could arise as a result of undue significant judgments in the decision making process and the interpretation of standards.

This paper identifies, as well as highlights legal and regulatory challenges encountered by external auditors in Asia and Africa. It also identifies links and similarities between challenges encountered by external auditors in these jurisdictions and ways whereby these challenges could be overcome.

Keywords: audits, supervision, regulation, Japan, China, Malaysia, South Africa, Nigeria