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Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic...

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Accounting

Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests that Big-4 auditors charge higher fees than other auditors and their audit reports are more credible than those issued by other auditors. Required: In times of economic recession would you expect: (a) the demand for audits to increase or decrease? (3 marks) (100-150 words) (b) clients to shift from large (Big-4) auditors to smaller auditors, or from smaller auditors to Big4 auditors? Why or why not? (4 marks) (100-150 words)

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