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Auditors and regulatory work (1987–2013): From reporting accountants’ to skilled persons’ reports in the UK

David Collins (Suffolk Business School, University of Suffolk, Ipswich, UK)
Ian Dewing (Norwich Business School, University of East Anglia, Norwich, UK)
Peter Russell (Norwich Business School, University of East Anglia, Norwich, UK)

Accounting, Auditing & Accountability Journal

ISSN: 0951-3574

Article publication date: 17 September 2019

Issue publication date: 18 November 2019

617

Abstract

Purpose

The purpose of this paper is to investigate the jurisdictional expansion of audit into the area of UK financial regulation. The paper draws on the analytical framework of new audit spaces (Andon et al., 2014, 2015), which built on the concept of regulatory space (Hancher and Moran, 1989), and characterises this new audit space as regulatory work.

Design/methodology/approach

Through an intensive reading of a variety of publicly available documentary sources, the paper investigates the role of auditors and accountants in the reporting accountants’ and skilled persons’ regimes in the UK under the Banking Act 1987 and the Financial Services and Markets Act 2000.

Findings

The paper identifies a new audit space characterised as regulatory work, which is made up of three distinct phases (and suggests the recent emergence of a fourth phase), and considers the extent to which these phases of regulatory work share common themes across new audit spaces identified by Andon et al. (2015) as independence, reporting, accreditation and mediating.

Originality/value

The paper identifies a further jurisdictional expansion of audit into a new audit space, characterised as regulatory work.

Keywords

Acknowledgements

The paper is developed from a research project funded by the Scottish Accountancy Research Trust of the Institute of Chartered Accountants of Scotland. The authors wish to thank the Editor, Professor Lee Parker, and two anonymous referees for their valuable comments on and suggestions on earlier drafts of the paper.

Citation

Collins, D., Dewing, I. and Russell, P. (2019), "Auditors and regulatory work (1987–2013): From reporting accountants’ to skilled persons’ reports in the UK", Accounting, Auditing & Accountability Journal, Vol. 32 No. 7, pp. 2088-2113. https://doi.org/10.1108/AAAJ-12-2015-2354

Publisher

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Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited

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