Assessing the Effectiveness of Peer Reviews in Improving Audit Quality and Compliance Standards
Posted: May 15, 2022
Abstract
The peer review process represents a cornerstone of quality assurance in professional audit practice, serving as both a regulatory requirement and a mechanism for continuous improvement. Despite its widespread adoption across accounting firms, financial institutions, and regulatory bodies, the empirical evidence regarding the effectiveness of peer reviews in actually enhancing audit quality and compliance standards remains surprisingly limited and methodologically constrained. Traditional evaluation approaches have predominantly relied on post-review satisfaction surveys, self-assessments, and compliance checklists, which are vulnerable to various cognitive biases and social desirability effects. This research addresses this significant gap by developing and applying a novel computational framework that objectively measures peer review effectiveness through multiple analytical dimensions.
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