Exploring a Relationship Between Quality Control Procedure and Select Input Factors for Statutory Financial Audit

Abstract

The study identifies 12 critical issues based on Standards on Auditing issued by the Institute of Chartered Accountants of India relating to using the work of internal auditors, auditors’ expert and external confirmations and that may influence quality control procedure for statutory financial audit. Opinions of 227 CAs and 146 Students pursuing Chartered Accountancy course on these variables have been gathered and empirically analysed with the help of Chi-Square test of homogeneity, Mann-Whitney test, Pearson’s Correlation Coefficient (r) and t test and suitable conclusions are drawn.

Keywords: Internal Auditor, External Confirmations, Auditors’ Expert, Chi-Square, Mann-Whitney, Pearson’s Correlation Coefficient, t test.