Evidence on the costs of changes in financial reporting frameworks in the public sector

This paper examines the impact of changes in reporting frameworks on New Zealand public sector audit costs in terms of both audit fees and effort. Audit costs increased with the adoption of both International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (...

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Bibliographic Details
Published inPublic money & management Vol. 41; no. 5; pp. 368 - 375
Main Authors Botica Redmayne, Nives, Laswad, Fawzi, Ehalaiye, Dimu
Format Journal Article
LanguageEnglish
Published Oxford Routledge 04.07.2021
Taylor & Francis Ltd
Subjects
Accounting standards
Audit fees
audit hours
Audits
Costs
Fees & charges
Financial reporting
International finance
International Financial Reporting Standards
IPSAS
New Zealand
Public finance
Public sector
Specialization
New Zealand
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Summary:This paper examines the impact of changes in reporting frameworks on New Zealand public sector audit costs in terms of both audit fees and effort. Audit costs increased with the adoption of both International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) reporting frameworks. The costs of auditing across various financial reporting frameworks in the public sector is shown to be significantly influenced by auditors' specialization.
ISSN:0954-0962
1467-9302
DOI:10.1080/09540962.2019.1679482