Human capital and audit independence
by Bruce Committe
International Journal of Critical Accounting (IJCA), Vol. 7, No. 4, 2015

Abstract: In 2007 the US Department of the Treasury established the Advisory Committee on the Auditing Profession "to assist the Department in evaluating the sustainability of a strong and vibrant auditing profession." In establishing the Committee, the Department expressed its concern with the quality of the 'human capital' constituting the independent audit profession, suggesting that it was not good enough. The Advisory Commission gave the work of considering the educational qualifications and needed educational improvements to the accounting profession which then organised The Pathways Commission which members were current accounting academicians and members from the practicing independent audit profession. Unremarkably, the Commission's recommendations were to not change anything, or at least, not to make any significant changes. This paper recommends that the legal profession - that is, lawyers with a financial accounting expertise - take over the independent audit profession.

Online publication date: Sun, 27-Sep-2015

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