Zaid, O. A., The Incorporation of Society's Values and Expectations into Auditing Standards, School of Accounting & Finance, University of Wollongong, Working Paper 1, 1993.
One of the criticisms directed at the accounting profession is that auditing standards are determined, examined, evaluated and interpreted by accountants themselves through their professional bodies. It appears that auditing standards fall behind changes in society's values and expectations. This paper examines the need for and significance of incorporating changes in society's values and expectations into auditing standards as perceived by different groups within Australian society. This examination is based on a questionnaire survey of external auditors, company accountants, internal auditors, solicitors, academics, taxation officers, company directors and others. The study revealed that these groups support the need for the incorporation of changes in society's values and expectations into auditing standards. Although participants agreed on the need for the incorporation of changes in society's values and expectations into auditing standards they did not agree on the significance of this incorporation. This study also revealed that the perceptual differences are subjective in nature and not influenced by the participant's qualifications, income, experience, gender or marital status.