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Explaining and Evaluating the Production of Audits – Potentials, Challenges and Findings
Audit production research explains the choice of inputs used for procuring audits and evaluates the efficiency of audits and audit firms. This review illustrates the potentials of audit production research, highlights challenges it faces, and emphasizes research gaps by summarizing its findings. The review shows that prior literature can be divided into two streams: Engagement level research exploring factors explaining the level and composition of audit hours used, and firm level research evaluating the sources of operational inefficiencies. Given the current trend of a convergence of both streams, it seems promising to combine the strength of both streams in future research.
1 Introduction
What explains how audits are produced? Are audits produced efficiently? Do audit firms operate efficiently? These questions are of fundamental interest for practitioners, researchers and regulators in auditing. For example, practitioners care about the optimal allocation of staff, senior manager or partner hours on a variety of auditing tasks in an audit engagement and they wish to optimize revenues given the mix and number of audit personnel. Researchers for their part are interested in testing ...