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Audit Independence, Client Importance and Audit Quality in the Regulated Controlled Market
Suphamit Techamontrikul,
Faculty Of Commerce And Accountancy / Chulalongkorn University
ABSTRACT. This paper confirms the factors affecting to the audit quality measured by absolute discretionary accruals under the regulated controlled stock market as Thailand where the financial statements with qualified or adverse opinion are not allowed. Those factors included audit independence and client importance. In this study, client importance by itself has statistically significant associated with audit quality, while audit independence – client importance interaction has statistically significant associated with audit quality. In addition, this study identifies key area of further study on the factors that influence individual auditor’s judgment in transforming to the firm level judgment. Using case-based design to gather information about audit judgment on the issuance of the reports from audit partners who audit the financial statements of listed companies, it is observed that there is no correlation between the results from individuals to the firm level outcomes.
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