Audit Research: Too Much or Not Enough?
Exploring the Balance in Academic Research
Key Highlights
Golden Era of Audit Research
The last 20 years have been considered a "golden era" for audit research, largely driven by regulatory changes like SOX.
Quality vs. Quantity
Focus should be on improving quality rather than quantity of research.
Bridging Academia and Practice
More interaction between academics and practitioners is needed to identify relevant research questions and improve access to data and subjects.
The Research Debate
Challenges
Limited Access to Data
Difficulty in obtaining proprietary data from firms and limited access to audit professionals for experimental studies.
Relevance to Practice
Ensuring research is applicable and valuable to practitioners and regulators.
Standardization vs. Specialization
Balancing the need for standardized approaches with the value of specialized knowledge in auditing.
Opportunities
Academia-Practice Collaboration
Potential for improved research quality and relevance through closer collaboration between academics and practitioners.
Technological Advancements
Exploring the impact of new technologies on audit processes and decision-making.
Behavioral Research
Opportunities for behavioral research to inform audit firm practices and regulatory requirements.
Research Challenges
- Limited access to audit professionals as research subjects, especially in the U.S.
- Centralization of experimental projects through programs like the CAQ's Access to Audit Personnel creating bottlenecks.
- Difficulty in obtaining proprietary data from firms due to legal concerns.
- Balancing the need for rigorous research methods with practical relevance to the audit profession.
- Addressing the potential disconnect between experimental findings and archival research results.
Future Directions for Audit Research
- Exploring alternative data sources and research methods to overcome access challenges.
- Focusing on topics like auditor recruitment, retention, and job satisfaction.
- Investigating the impact of new technologies and automation on audit processes.
- Examining the effectiveness of remediation actions in improving audit quality.
- Studying the evolving role of auditors in areas like ESG reporting and assurance.
Audit Chat: Audit Research: Too Much or Not Enough?
Date: May 3, 2023
In our second AuditChat session, we explored the current state of audit research, discussing its quality, relevance, and challenges faced by researchers in the field.
Key Topics Discussed
- The quality of present-day audit research
- Availability of outlets for audit research
- The role of gatekeepers in audit research
- Challenges in obtaining participants for audit experiments
- The impact and readership of audit research beyond academia
Research Quality
The panel discussed the need to focus on improving the quality of audit research rather than just increasing quantity.
Research Access Challenges
The panelists highlighted the difficulties researchers face in accessing audit professionals and proprietary data.
Bridging Academia and Practice
The discussion emphasized the need for greater collaboration between academics and practitioners.
Featured Speakers
Robert Knechel
Professor at the University of Florida, Senior Editor at The Accounting Review
Robert Knechel is a renowned expert in auditing research with extensive experience as an editor for top accounting journals.
Miguel Minutti-Meza
Professor at the University of Miami, Editor at Review of Accounting Studies
Miguel Minutti-Meza is a distinguished researcher in auditing and financial accounting, with editorial experience at leading accounting journals.
Dan Sunderland
Professor of Practice at Northeastern University, Former Partner at Deloitte
Dan Sunderland brings a unique perspective to the discussion, combining academic expertise with extensive practical experience from his career at Deloitte.