Olena
Antoniuk
National
University of Water and Environmental Engineering, Ukraine
E-mail: oleanton@ukr.net
Petro
Kutsyk
Lviv University
of Trade and Economics, Ukraine
E-mail: petrokutsyk55@gmail.com
Iryna
Brodska
Lutsk
National Technical University, Ukraine
E-mail: brodskairina80@gmail.com
Olena
Kolesnikova
National
University of Life and Environmental Sciences of Ukraine, Ukraine
E-mail: kolesnikova.o.m@nubip.edu.ua
Nataliya
Struk
Ivan
Franko National University of Lviv, Ukraine
E-mail: nstruk@econom.lnu.edu.ua
Submission: 12/22/2020
Accept: 3/4/2021
ABSTRACT
The purpose of the article is to consider the impact of
institutionalization processes and regulations on the development of accounting
and auditing services. The research is based on the analysis of the development
of the institutional framework for the provision of audit services. Comparisons
of the composition of regulatory support with the actual structure of
accounting and auditing services on the basis of statistical data of the Audit
Chamber of Ukraine for the period from 2011 to 2019 indicate the problems in
institutional support. The purpose of the article is to answer the questions:
1) whether the legislative regulation has an impact on the volume of orders for
statutory audit; 2) how the regulations have influenced the development of
methodological support for the provision of audit services; 3) whether the
practice and theory of audit services need convergence at the institutional
level. The authors
correlate classification of audit
services in normative documents, including
documents of the professional organization of auditors. The issue of
institutionalization is considered in the context of the interaction of
accounting problems at the national level in Ukraine and the practice of
auditors. It has been proven that the provision of accounting services and
services is a priority in the activities of auditors. A separate area of research
is the institutional principles of activity, requirements for quality of work.
The study indicated a decrease in the number of audit entities in Ukraine. The
results of the study have shown that there are differences between legal regulation and practice. The
conclusion of this paper helps to identify vectors in the
development of a regulatory framework of audit services national level.
Keywords: Accounting; Audit Services; Institutional Formation; Audit; Accounting Problems; Institutional Theory of Auditing
1.
INTRODUCTION
Information in the modern
development of society and information links between business entities is a
valuable recourses. Information that meets the criteria of quality and
relevance is the key to effective decision-making by management of the
enterprise, and its accuracy ensures the correctness of these decisions. The
role of auditors in ensuring the veracity of reporting and other types of
economic information contributes to the information support of the management
of economic entities.
The formation of the audit
services is influenced by many factors, which include the level of the economy,
the economic relations with other
countries, the legal framework, the tax system, the level of society informatization,
the activities of professional associations in accounting and auditing,
the educational system for accounting
and auditing specialists.
The relationship between
accounting, financial reporting, management accounting and economic analysis
systems has an important impact on auditing and accounting. These indicators
affect the quality of the institutional environment, and the lack of
effectiveness standardization of audit services limits the capabilities of
auditors.
In this context, in the
process of solving practical problems of management at the state and enterprise
levels, the study of institutional aspects of management in accounting and
auditing becomes especially important.
Regulation of professional
activity of auditors is connected with normative regulation, quantitatively and
qualitatively guides subjects of management in condition assessment of social
processes and tendencies their development. Socio-economic factors are important,
which determine the parameters of auditing activities and the financial and
economic standing of business, which determine the financial ability in
ordering audit services.
Audit management in
Ukraine is accomplished using various mechanisms. A significant role
belongs to professional organizations, namely the Audit Chamber of Ukraine on
the basis of its regulatory functions - legal, economic and organizational. The legal part is most
actively implemented, which includes regulations, standards, and other rules
that regulate auditing in Ukraine and are mandatory for all auditors in
Ukraine.
2.
REVIEW OF EMPIRICAL LITERATURE
The concept of institutions and institutionalization can
often be found in literature and everyday life, but it is extremely difficult
to interpret them unambiguously, there are many contradictions. This is due to
the fact that these concepts are reflected differently in the representatives
of individual disciplines, as well as through the consideration of different
scientific schools, paradigms or points of view. It should be noted that the problem
of institutionalization occupies a prominent place in the research of
accounting and auditing.
Today, most scientific papers address a variety of issues
related to institutionalization processes, namely:
· the impact of standards
and regulation on the activities of financial institutions, capital markets and
the activities of public organizations (Coffie & Bedi, 2019; Baker et al., 2014; , 2019);
· institutionalization in
accounting and the impact on the relationship between agents and on social
relations (Сhekavinskayа, 2018; Brunо, 1994);
· relationship betweeen stability and change
within with the process of accounting change (Sitinabiha & Scapens, 2016);
· institutionalization of
commercialism in the accounting profession. The framework of these author highlights two key collective
identity-experimentation strategies by the profession: boundary work (claiming
auditor knowledge and traits and redefining auditors as “versatile experts”)
and practice work (reinventing audit to create an “expert work” identity and
tailor-making expert work to fit the image of supercharged versatile experts).
Such identity experimentation moves the accounting profession toward the
commercialization of not only auditing practices but, more importantly, the
very identity of the auditor and the profession as a whole (Ken, 2016).
The authors proved the importance of
the institutional approach in the analysis of audit theory and practice. The
essence of the "institutional paradigm" in the audit study is revealed
through the methodological possibilities of the institutional approach: the
expansion of the subject boundaries of the theoretical space, the transition to
new levels and areas of research, structural restructuring in the knowledge of
audit, the creation of prerequisites and conditions for new forms of
interdisciplinary synthesis, the elimination of methodological gaps in the
science of audit, institutional analysis removes the problem of "black
boxes", as knowledge moves from the macro level to the micro level (Сhekavinskayа, 2018).
Also authours
pay attention for analysing
institutional dynamics that distinguishes between the institutional and the
organizational/individual level, and between political and social space both
inside and outside the institution (Stephenson, 2016). Using institutional theory it is
suggested that the state should play a more coercive role by encouraging
organizations to establish internal audit departments and organize their
activities in the manner specified in internal audit standards (Al-Twaijre, Brierley & Gwilliam, 2003).
It is in the process of
institutionalization that institutions operating in the market of accounting
and auditing services, relationships between people, between organizations,
clients and supervisors arise and are consolidated.
3.
DATA AND METHODOLOGY
This theoretical paper is
based on the study of literature on acconting audit services, namely the content of services, legal regulation, institutional theory of
auditing.The article presents results of the empirical study, which used the
official statistical information on the development of types of audit services
during 2011-2019, as well as the data about legal documents for support of audit services
at the international level and documents of the professional organization of
auditors of Ukraine.
Thus, sources of
information were obtained for further comparison. Based on the above
discussions, we develop the following hypotheses:
1) whether the legislative
regulation has an impact on the volume of orders for statutory audit;
2) how the regulations
have influenced the development of methodological support for the provision of
audit services;
3)
whether the practice and theory of audit services
need convergence at the institutional level.
The above conclusions are
based not only on the analysis of statistical indicators of Ukrainian auditors
(audit firms) activities and the composition of audit and accounting services
provided, but also on the results of scientific understanding of theoretical
provisions and practices of audit services.
An important role in
modern research is devoted to institutional factors, which are understood as
the influence of institutions norms, rules and procedures in governing the
behavior of people in various fields. The influence of the state through state
institutions in combination with the activities of professional organizations
contributes to the positive development of auditing activities in other
countries, taking into account cultural and ethical factors.
The activities of the
audit institute are connected to economic policy, the effectiveness of which
depends on the political situation, the correctness of the regulatory framework
and control over the performance and quality of audit services. At the same
time, adherence to the institutional approach allows to develop the methodology
of research of audit activity, to investigate its historical development and to define prospects
of improvement. The use of the provisions of the theory of institutions takes
into account the contradictory processes in society, economy and politics in
general and the problems arising in the process of national audit system
transformation.
Institutional approach,
taking into account a set of methodological principles included in the research
field, other various factors, allows to determine the features of the
organization of the audit service not only at the level of individual business
entity (auditor, audit firm), but the country as a whole at different stages of formation.
It should be noted that
the issues of development of the regulatory framework for auditing,
standardization of audit services, are reflected in the works of foreign scholars
in recent years. Among the areas of research: the concentration of
the audit market, regulations and standardization of audit services, the role
of non-audit services in the structure of audit activities and the role of the
companies of the "Big Four".
Regulatory and legal support of related
and other audit services in Ukraine in recent years has been carried out quite
systematically and dynamically, but requires improved regulatory activities in
the field of audit services. The impetus for the development of audit
activities on a legitimate basis was the Law of Ukraine "On
Auditing", adopted in 1993. That is
the time when, work has actually begun in Ukraine on the organizational and
methodological support of audit services, which continues in the direction of
its improvement.
The Law of Ukraine
"On Auditing", adopted on April 22, 1993, was amended in 1995-1996,
2003-2006, which concerned the composition of types of auditing
activities and outlining the legal field of their implementation by other regulations.
In the world practice of audit there is an institutional and legal form of
market regulation, which is a way of organizing public oversight, combining
state regulation of the audit market and self-regulatory mechanisms.
Institutional and legal form of market regulation is ancillary to state and
legal regulation, which is carried out on the basis of special rules
established by law on the basis of self-regulatory (self-governing)
organizations. Under this form, the state and self-regulatory organizations
regulate audit activities on a partnership basis.
Information on the number
of audit entities for 2012-2015 indicates a general trend towards their
decrease (compared to 2011 - by 40.5%), which indicates the outflow of business
entities from the profession due to a number of factors, including crisis
processes in society, the strengthening of requirements for the audit
profession by regulators and changes in tax legislation. These trends continued in
the following years (Table 1).
Table 1: Number of auditing entities in 2012-2019*
Year |
Number of auditing entities
included in the Register of Audit Firms and Auditors as of December 31st |
Reports were submitted to the
Audit Chamber of Ukraine |
Number of audit entities that
did not report |
|
number |
% |
|||
2012 |
1 672 |
1 609 |
96,2 |
63 |
2013 |
1 488 |
1 452 |
97,6 |
36 |
2014 |
1 326 |
1 272 |
95,9 |
54 |
2015 |
1 107 |
1 071 |
96,8 |
36 |
2016 |
1 008 |
1 002 |
99,4 |
6 |
2017 |
959 |
944 |
98,4 |
15 |
2018 |
893 |
889 |
99.5 |
4 |
2019 |
886 |
884 |
99,7 |
2 |
*Source:
summarized by the authors using database Audit Chamber of Ukraine
(Audit
Chamber of Ukraine, 2020)
Despite the constant
decrease in the number of business entities that had the right to conduct
auditing activities over the past six years, there was a steady trend in the
increase of their income, according to the reports of the Audit Board of
Ukraine.
Detailed data on the
dynamics of audit services are shown in Тable. 2
Table 2: Structure of
volume distribution by types of services for 2011-2019*
Indicator |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
||||||||||||||||
thousand UAH |
% |
thousand UAH |
% |
thousand UAH |
% |
thousand UAH |
% |
thousand UAH |
% |
thousand UAH |
% |
thousand UAH |
% |
thousand UAH |
% |
thousand UAH |
% |
||||||||
Auditing services (total) |
1258307,0 |
100 |
1266826,5 |
100 |
1314 596,3 |
100 |
1291 811,8 |
100 |
1761202,6 |
100 |
1973102,3 |
100,0 |
2126868,7 |
100 |
2438100,1 |
100 |
2870896,1 |
100 |
|||||||
Assurance
engagement |
670125,
4 |
53,26 |
674296,
2 |
53,23 |
653 460,0 |
49,71 |
602 812,1 |
46,66 |
771840,1 |
43,8 |
847171,1 |
42,9 |
990292,5 |
46,5 |
1152503,9 |
47 |
1515449,7 |
53 |
|||||||
Related
services |
113
157,6 |
8,99 |
127
912,1 |
10,1 |
165 473,4 |
12,59 |
128 445,2 |
9,94 |
125215,1 |
7,1 |
125031,9 |
6,4 |
157765,6 |
7,4 |
189970,7 |
8 |
309806,7 |
11 |
|||||||
Other services related to professional
activities |
470
242,6 |
37,37 |
460
191,4 |
36,33 |
493 734,8 |
37,55 |
559 701,9 |
43,33 |
861244,7 |
48,9 |
998564,4 |
50,6 |
976076,9 |
45,9 |
1091192,8 |
45 |
1045639,7** |
36 |
|||||||
Organizational
and methodical provision of audit services |
4781,4 |
0,38 |
4 426,8 |
0,35 |
1 928,1 |
0,15 |
852,6 |
0,07 |
2902,7 |
0,2 |
2334,9 |
0,1 |
2733,7 |
0,2 |
4432,7 |
0,1 |
- |
- |
|||||||
*Source: summarized by the authors using database Audit
Chamber of Ukraine
**Change in the classification
of audit services at the national level.
Avaible at: https://www.apu.com.ua/wp-content/uploads/2019/06/%
In the history of auditing activities of Ukraine, a
certain period of time auditing services, such as accounting, making
declarations, etc. occupied a small share in the structure of
services provided by auditors to their clients.
Thus, in the first edition of the Law of Ukraine "On
Auditing", the legislator identified a wide range of subjects of mandatory
audit, which was subsequently reduced. This is what influenced the structure of
the audit services market.
Based on the study of
the dynamics of the audit market and audit services in Ukraine for the period
from 2014 to 2019, trends in the composition of audit services provided to
clients and the dynamics of changes in their quantitative and qualitative
indicators were established.
Analysis of the composition of auditing activities
indicates the following trends:
·
in 2006, audit services accounted for 48.9% of the
total structure of audit services, and 53.5% in 2017. A similar trend has been observed in recent
years, indicating an increase in demand for audit services;
·
the share of related audit services for the period
2011-2019 is in the range from 8.9% to 12.5% ( 8 % in 2019 ) with a
tendency to fluctuate over the years;
·
the share of audit services for the period
2011-2019 was in the range of 37.3% -50.6% with a steady trend to
increase in 2011-2016.
The analysis of the
content of audit services clearly identified the preponderance in the provision
of consulting services, which averages 55% in the last 10 years, and in
accounting services as well. It should be noted that the subjects of audit
activity actively provide services for the restoration of accounting and
representation of the interests of the customer in accounting, auditing,
taxation in government agencies, organizations or in court; аssurance tasks for the last six
years tend to decrease (except for a slight increase in 2019) and on average
for the period of analysis are 47, 9%.
The development of auditing activities shows the following:
·
the number of
audit entities for 2012-2019 indicates a general trend to decrease while the annual average
income per audit entity is increasing.
The Law of Ukraine "On
Auditing" establishes a rule according to which the Audit Chamber of
Ukraine is empowered, in particular, to implement measures to organize quality
control of audit services in Ukraine (Table 3).
The historical factor in development is important, as emphasizes Baskerville
and Grossi (2019), when discusses the history of
standard-setting for the public sector in New Zealand.
In the
historical context, the Audit Chamber of Ukraine as a regulator of the
profession, implementing programs, in its work was guided by the following
priorities:
·
ensuring the continuous operation of the audit
regulation system;
·
laying the foundation for a new audit regulation
system;
·
ensuring the evolutionary transition from one
regulatory system to another;
· minimization of risks
of possible incompetence of new personnel in the regulatory system that meets
the requirements of European legislation in the field of auditing.
The author's
research in previous works (Antoniuk, Chyzevska & Semenyshena,
2019; Semenyshena, Khorunzhak & Zadorozhnyi, 2020) identified
the following problematic issues in the development of accounting (Figure 1).
The solution of the above issues is related to
institutional support.
The Audit
Chamber of Ukraine took into account the internal requirements for the audit
profession, which include the following areas:
1)
ensuring the growth of the audit services market
through the development of a new Law on Auditing, which will expand the list of
business entities and transactions subject to mandatory audit, which will allow
the creation of new markets and help
overcome unfair competition in audit services market;
Table 3: Activities of the Audit Chamber of Ukraine in the historical aspect
Years |
The main (defining)
areas of work |
Priority and permanent
areas of activity |
1993 |
Adoption of the Law of
Ukraine "On Auditing" (April 22, 1993). |
Introduction of
auditing standards into national practice. Certification of auditors.
Maintaining the Register of audit firms and auditors. Quality control of
audit services. Monitoring and legislative regulation of audit. External
communications and information support of the audit. |
1999 |
Creating a regulatory
framework for auditing in Ukraine. Approval of National
Auditing Standards. Code of Professional
Ethics of Auditors of Ukraine. |
|
2003 |
Implementation of
International Standards on Auditing as national in Ukraine |
|
2007 |
Establishment of the
Audit Quality Control Committee. Initiation of external
inspections of quality control systems of audit firms and auditors. |
|
2008 |
Implementation and
development of quality control systems for audit services. |
|
2009 |
Initiation and
decision-making on continuous improvement of professional knowledge of
auditors of Ukraine. |
|
2010 |
Creating
commissions: · Audit
Standards and Practices Commission; · Сommission for certification and
education of auditors; · Сommission on quality control and
professional ethics; · Сommission for Monitoring and
Legislative Regulation of Audit; · Сommission for External Relations
and Audit Information Support; ·
Disciplinary Сommission. |
|
2012 -2014 |
Adoption and
implementation of the Strategy of the Audit Chamber of Ukraine for 2012-2017,
the priorities of which are: 1)
protection of the interests of
users of financial and other economic information; 2)
meeting the internal needs of
the professional audit market of Ukraine; 3)
ensuring the recognition of the
important role of the audit profession in society; 4) improving
regulatory activities in the field of audit. |
|
2014 -2015 |
Development of two
bills on auditing, work on a new version of the Law of Ukraine "On
Auditing". |
|
2016 |
Approval of the Concept
of the Audit Chamber of Ukraine for 2016-2017, the implementation of which
should ensure the continuity of the functioning of the audit regulation
system. Changes in the areas of regulation of auditing activities (such as
the procedure for certification of persons intending to become auditors, the
procedure for improving the professional knowledge of auditors, the procedure
for organizing quality control of audit services and disciplinary
proceedings); to ensure the transparency of the Audit Chamber of Ukraine. |
|
2017 |
Adoption of the new Law
of Ukraine "On Audit of Financial Statements and Auditing" |
Figure 1: Formation of
problematic issues in the development of accounting in Ukraine
2)
ensuring the value of audit entities and the
auditor's certificate by creating conditions for obtaining an auditor's
certificate, which will prevent the accidental and relative ease of obtaining
it, the obligation of prior internship with a positive response from the
auditor;
3)
ensuring the role of professional public
organizations and associations in the development of auditing activities by
creating conditions that will ensure the benefits of membership in professional
organizations and associations for the auditors involved, as well as through
the development of a mechanism for accreditation of professional organizations
and associations;
4)
improvement of regulatory activity in the field of
audit by making certain amendments to the Law, namely: legislative support and
recognition of the place of the Audit Chamber of Ukraine as the main
coordinating body in the system of public oversight of auditing activities and
its subjects in Ukraine.
After the signing of the Association Agreement between
Ukraine and the European Union in 2014, special attention was paid to the
adaptation of Ukrainian legislation on auditing to EU law.
During 2016, the Audit Chamber of Ukraine carried out its
activities in the following areas, in particular, changes in the areas of audit
regulation (such as the procedure for certification of persons intending to
become auditors, the procedure for improving the professional knowledge of
auditors, the organization of quality control of audit services and
implementation of disciplinary proceedings); to ensure the transparency of the
Audit Chamber of Ukraine.
One of the main principles
of implementation of the Concept of the Audit Chamber of Ukraine for 2016-2017
was the principle of minimizing the influence of the regulator on the certification
process and improvement knowledge of auditors.
During 2016,
representatives of the Audit Chamber of Ukraine worked as part of the working
group to support the reform in the field of auditing in Ukraine in terms of
finalizing and final approval of the draft Law "On Audit of Financial
Statements and Auditing", which in 2017 was submitted to the Verkhovna Rada of Ukraine and subsequently adopted.
Improvement of auditing
activity under the provisions of the new Law of Ukraine "About audit of
the financial reporting and auditing activity" proceeds under new
strategy.
Thus, the modern history
of the development of auditing in Ukraine has its own characteristics, which
reflects the formation of auditing and the formation of its methodological
framework. It should be noted that the priority was given the development of
the audit of financial statements and the regulatory framework for auditing,
and not to the development of audit services for objective reasons. This can be
seen from the Table 4, and has been proven by the author in previous studies.
In recent years, the Audit
Chamber of Ukraine has been taking into account the processes in order to adapt
the legislation of Ukraine on auditing to the legislation of the European
Union. In 2018, the Law of Ukraine “On Accounting and Financial Reporting”
№996-XIV from 16.07.1999 was amended to expand the list of enterprises,
which are obliged to publish financial statements together with the results of
the audit report, because in previous years, most companies did not have to
conduct a mandatory audit of financial statements.
The Law of Ukraine
"On Accounting and Financial Reporting" divides all enterprises,
depending on their size and specified with these criteria, into micro, small,
medium and large enterprises. Periodically, the company must review its
indicators. Matching in addition to these categories, the law distinguishes a special
group of enterprises - these are enterprises of public interest.
Article 14 of the Law of Ukraine "On Accounting and
Financial Reporting" regulates the submission and disclosure of financial
statements and groups enterprises in a slightly different way:
·
enterprises of public interest (except for large
enterprises that are not issuers of securities), public joint stock companies,
monopolies in the national market and economic entities operating in the mining
industry, are required to disclose the annual financial statements and annual
consolidated financial statements together with the auditor's report on its
website;
·
large enterprises that are not issuers of
securities, and medium-sized enterprises are required to publish annual
financial statements together with the auditor's report on their website;
·
other financial institutions belonging to micro
and small enterprises are obliged to publish annual financial statements
together with the auditor's report on their own website in full.
That is, in summary, it
can be said that for a significant number of companies, auditing of financial
statements becomes mandatory. Starting in 2018, the audit of financial
statements has become mandatory for medium and large enterprises.
Table 4: Institutional and regulatory support of audit
services
*Source: summarized by the authors in a
previous research (Antoniuk; Chyzevska; Semenyshena (2019)
**Source:
Web-site of professional organization AICPA. https://www.aicpa.org/research/standards.html
5.
CONCLUSIONS AND RECOMMENDATIONS
As
a result of the analysis of the peculiarities of the legislative regulation of
audit activity it is substantiated that from the historical, legislative and,
as a consequence, practical point of view, since 1993 the priority of audit
development in terms of methodological and organizational support has been
determined.
Based on the study of the
dynamics of quantitative and qualitative indicators of the market of audit
services in Ukraine for the period from 2011 to 2019, trends in the development
of audit services were established, namely: expansion of the range of audit
services and the emergence of new types of audit services; a small share of
related services; a significant share of other audit services with a steady
upward trend; prevalent provision of consulting services, as well as accounting
services; tendency to decrease in confidence tasks; offering of new types of services. The identified
trends make it possible to forecast the development of the audit services
market in Ukraine and identify problematic issues at the institutional level.
The analysis of the
development of methodological and organizational support of auditing was
carried out using a historical approach through the prism of a professional
organization - the Audit Chamber of Ukraine, which gave grounds to establish
that the priority in recent years was to create a regulatory framework for
auditing in Ukraine as a whole and adequately ensuring the performance of the
audit of financial statements and the adaptation of the legislations of Ukraine
on auditing to the legislation of the European Union.
This leads to disparities
in the development of auditing, and the practice of auditors does not correlate
with regulatory support. This made it possible to establish causal links
between differences in theory and practice of auditing in Ukraine. Therefore,
it is important to minimize this gap, which inhibits the development of
auditing and reduces the capacity of auditors.
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