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Performance audits: could they become mandatory for public companies?

Conor O’Leary (Lecturer at the Queensland University of Technology, Brisbane, Australia)

Managerial Auditing Journal

ISSN: 0268-6902

Article publication date: 1 February 1996

1807

Abstract

Australian auditing standard AUP 33 ‐ Performance Auditing is the first auditing standard to deal exclusively with a non‐“financial statements” audit topic. Auditing the performance of management and commenting on how economically, efficiently and effectively they have performed their duties is not a new subject. However, up until now the results of performance audits have usually been kept within the organization concerned. With the growth of perceived dissatisfaction with current auditing in Australia and the demand for more management accountability due to corporate collapses, considers the possibility of performance audits becoming mandatory. Problems to be overcome in establishing a performance audit framework include audit independence, cost/benefit decisions and the establishment of adequate measurement criteria. However, if the demands for performance audits escalate these problems will have to be overcome. Indeed they are not now seen as insurmountable.

Keywords

Citation

O’Leary, C. (1996), "Performance audits: could they become mandatory for public companies?", Managerial Auditing Journal, Vol. 11 No. 1, pp. 14-18. https://doi.org/10.1108/02686909610145869

Publisher

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MCB UP Ltd

Copyright © 1996, MCB UP Limited

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