Dr Basioudis is senior lecturer/associate professor of Financial Accounting & Auditing in the Accounting Department at Aston Business School at which he is also the research convenor.
He is the chairman of the Auditing Special Interest Group of the British Accounting and Finance Association (since 2006).
Ilias is also fellow of the UK Academy of Higher Education and Certified Management & Business Educator (provided by CABS).
He is also the interim editor-in-chief of the International Journal of Auditing. He has also been external examiner in various universities, currently in Portsmouth and Oxford Brookes.
Ilias was recently invited to an FRC workshop on audit market competition and in 2019 provided oral evidence to the UK Parliament, as an expert witness, to the BEIS Select Committee in their UK Parliamentary inquiry on the Future of Audit.
He is author of many research articles regarding audit quality, auditor reporting, auditor specialisation, and accounting education.
He has chaired the organising scientific committee of the highly successful annual UK Audit & Assurance Conference since 2006 and has been co-organiser of the inaugural Audit & Assurance for Listed and Non-Listed Entities Conference in Melbourne Australia since 2020.
He moved to Aston University from Warwick Business School in 2000, having taught a variety of subjects from 1996, completing his PhD in 1999.
He has been a member of various committees at Aston University (including being the director of the Higher Education in Learning and Management (HELM) Centre (2011-2014), and the director of the Accounting for Management (2002-2008)).
Ilias has held short teaching and research visiting appointments at Hong Kong Polytechnic University, in ALBA Greece, in RMIT, Australia and in Deakin University, Australia.
He is a member of the editorial board of the Auditing: a Journal of Practice and Theory journal, and an ad-hoc reviewer of various academic journals and international conferences.
He teaches mainly financial accounting and auditing at graduate and undergraduate levels. His research interests lie primarily within the area of auditing and corporate governance and include the market for audit services in the private and public sectors, earnings quality and audit quality, corporate governance and audit committees, the regulation of accounting, the accounting profession.
Areas of Expertise (5)
H Social Sciences (General)
L Education (General)
University of Warwick: PhD 2000
University of Stirling: MSc 1995
- Chairman, Auditing Special Interest Group of British Accounting & Finance Association (BAFA)
- Member of the Executive Committee of the BAFA
- American Accounting Association - Auditing Section & Teaching Section
- British Accounting Association - Auditing Special Interest Group European Accounting Association
- European Auditing Research Network
- Member of the Learning and Teaching Support Network Centre for Business Management and Accountancy
The effect of non-audit fees and industry specialization on the prevalence and accuracy of auditor’s going-concern reporting decisionsJournal of International Accounting, Auditing and Taxation
Marshall A. Geiger a, Ilias G. Basioudis b, Paul DeLange c
The issue of auditors impairing their independence when providing non-audit services (NAS) to audit clients continues to be subject of global regulatory concern. However, the profession has long argued that knowledge gained from providing NAS can spill over to other areas and can serve to improve audit quality. Accordingly, we revisit the effect that NAS have on the likelihood of an auditor issuing a going concern modified opinion (GCMO) to distressed clients, as well as the accuracy of those opinions. We also examine whether industry specialization is associated with GCMO decisions and their accuracy.
Editorial: Special issue on the future of audit—A collection of personal reflectionsInternational Journal of Auditing
Ilias G. Basioudis
Does the audit have a future? Well, it depends. In recent months, the UK Government has been attempting to dig deeply and make significant changes to the audit service provided by accounting firms. On the other hand, the future of audit has been discussed many times in the last 50+ years, and there have not been many noteworthy adjustments in the audit as we all know it; the main objective(s) of the audit has not been modified much since the mid of the 19th century.
Effects of the Big 4 national and city-level industry expertise on audit quality in the United KingdomJournal of International Accounting, Auditing and Taxation
Khairul Ayuni Mohd Kharuddin a, Ilias G Basioudis b, Omar Al Farooque c
In this study, we examine for the first time in the UK, the effects of the Big 4 audit firms’ national (firm-level) and city-office (office-level) industry specialisation on audit quality. Based on public firms listed on the London Stock Exchange (LSE), we find that clients of the Big 4 joint national and city-level auditor industry specialists have smaller magnitude of discretionary accruals, lower income-increasing discretionary accruals, and lesser accrual estimation error, indicating higher audit quality. In addition, we also find that when the Big 4 auditors are both national and city-specific industry leaders, their clients are more likely to be issued a modified audit opinion as well as a going concern audit report. The findings imply that industry expertise of the national and city-based professionals of the Big 4 firms have now been captured and distributed more broadly throughout the firm and within their offices. Moreover, the outcome of this study provides additional evidence that the more recent UK evidence of a fee premium exclusively attached to the Big 4 joint specialists reflects their differentiated service and higher quality audit relative to their non-specialist counterparts.
Letter to the UK Parliament on the Future of AuditInternational Journal of Auditing
Partner industry specialization and audit pricing in the United KingdomJournal of International Accounting, Auditing and Taxation
2019 This study investigates the effects of audit partner industry specialization on audit pricing in the UK market. The mandatory disclosure of the name of the engagement partner in the auditor reports of UK public listed companies took effect from April 2008. Given that the identity of the audit partner is now observable to users of financial statements, it can be argued that there may be an incentive for partner-level differentiation in auditing products, and hence, audit quality. This research examines whether auditor industry expertise in the UK is driven by firm, office, or partner level expertise. The fee premium observed in the study is a joint product of firm and partner level of industry expertise with the highest premium occurring when the client is also audited by an industry leading partner. This finding lends support to the argument that industry expertise is uniquely attributable to the individual audit partner’s human capital in terms of their knowledge and experience from leading audit engagements in a particular industry. It also provides evidence that some fee premiums earned by audit firms and documented in prior literature are most probably the product of the individual audit partner’s expertise.