A within Firm Analysis of Current and Expected Future Audit Lag Determinants

Posted: 23 Aug 2005

See all articles by Bruce K. Behn

Bruce K. Behn

University of Tennessee, Knoxville - College of Business Administration

DeWayne L. Searcy

Auburn University

Jon Woodroof

affiliation not provided to SSRN

Abstract

This paper reports the impediments identified by practicing auditors that keep them from significantly reducing the time lag between closing and issuing their report. We obtain these impediments by surveying the U. S. assurance partners of an international audit firm. Our results suggest that lack of sufficient personnel resources, both with the client and the audit firm hindered a significant reduction in prior audit report lags. In addition, the partners believe that before audit report lags are significantly reduced, the clients' and the auditor's mindset must change to accommodate a new audit approach. Even if the mindset of both parties is changed, the partners believe the skill-set of auditors must improve and the flexibility of the scheduling process must increase. Implications of the results for continuous auditing are also discussed.

Keywords: Audit lag, impediments, continuous audit

JEL Classification: M49

Suggested Citation

Behn, Bruce K. and Searcy, DeWayne L. and Woodroof, Jon, A within Firm Analysis of Current and Expected Future Audit Lag Determinants. Journal of Information Systems, Vol. 20, No. 1, 2006, Available at SSRN: https://ssrn.com/abstract=784026

Bruce K. Behn

University of Tennessee, Knoxville - College of Business Administration ( email )

453 Haslam Business Building
Knoxville, TN 37996
United States
865-974-1760 (Phone)
865-974-4631 (Fax)

DeWayne L. Searcy (Contact Author)

Auburn University ( email )

415 West Magnolia Avenue
301 Lowder Business Building
Auburn, AL 36849
United States

Jon Woodroof

affiliation not provided to SSRN

No Address Available

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