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Quality Index Creating and Analysis of the Transparency of Audit Firms - Case Study in Croatia

In this paper, we analyze the quality and transparency of audit firms that audited financial statements of companies with stock market listing. Audit Act defined that all companies whose securities are listed on the Zagreb Stock Exchange are required to revise the financial statements. In addition, the Act defines that all auditing companies shall prepare Report of transparency of audit firms and the same published on its website or in the pages of the audit chamber. According to the above, the main objective of this paper is to explore if the audit firms operate transparently or not, using the relevant quantitative and statistical analysis. In this paper the quality index of transparency report of audit firms is to be created, according to empirical results and based on the survey analysis of relevant audit experts. In accordance with the essential elements of the Report of transparency of audit firms the aim is to investigate the stability and quality of them. It is also important to get the information whether there is a significant difference in transparency between the 'Big Four' auditing firms and others. The analysis comprises the examination of the importance of certain elements of the Report of transparency of audit firms, with aim of finding new elements (voluntary reporting) to achieve a more transparency and better reports.

Index quality creating; Report of transparency of audit firms; Quality of reporting; Audit Act

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