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WHAT DETERMINES AUDIT INDEPENDENCE AND EXPERTISE IN RUSSIA? FIRM-LEVEL EVIDENCE
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Ichiro Iwasaki 
Abstract
Using a unique dataset of joint-stock companies, we explore the corporate audit system in transition Russia. In comparison with companies in Western and Asian Pacific states, Russian firms have a weaker audit system in terms of the independence and expertise of the audit committee and the external auditor. Board composition, foreign investment, and affiliation with a business group are highly important factors determining audit committee composition and audit firm choice as well as a combination of the two auditing bodies. However, each of these factors has a clearly distinct impact. Moreover, empirical evidence suggests that government ownership, company size, fund procurement activities, and overseas advancement significantly affect audit independence and expertise in Russia.
Keywords: Audit Independence and Expertise, Board Composition, Business Integration, Foreign Investment, Russia
How to cite this paper: Iwasaki, I. (2014). What determines audit independence and expertise in Russia? Firm-level evidence. Corporate Ownership & Control, 11(2), 81-107. https://doi.org/10.22495/cocv11i2p7
