Small- and medium-sized enterprises (SMEs) play an important role in modern business society but still face difficulties in debt financing. Literatures suggest that family involvement and external auditing can assist small firms to mitigate agency problems that impede the access to loans, and the liability of newness could be a factor in small business debt financing. Our research examines how family involvement affects cost of debt upon the different choices on external auditing, and how the liability of newness works. We find when engaging external auditing, family involvement is not a significant influencer in reducing the cost of debt for small businesses. Besides, when the external auditing is not engaged, family involvement becomes a significant influencer. We also find that when external auditing is not engaged, family involvement works in reducing the cost of debt only when the liability of newness is a factor.

This thesis stems from academic research following my MPhil in 1992. It presents a portfolio of fourteen selected papers offering insights on major issues affecting the accountancy-related areas of external auditing (EA) and corporate governance (CG) in the small state of Malta. The commentary (Chapter 1) presents a background to the development of the portfolio and overviews the theoretical framework and methodology. It then introduces each paper, underlining common sub-themes. The contributions of the papers to knowledge are then indicated by (i) overviewing the development of each sub-theme contributing to the academic discourses in EA and CG, and (ii) laying out the relevance to the wider debates relating to small state literature. The commentary concludes by looking at the follow-up research agenda and the beckoning future. Chapters 2 to 15 then reproduce fourteen papers an introductory paper and thirteen others in two parts. The introductory paper includes most major small state sub-themes recurring in different ways in the subsequent papers: issues relating to close relationships and independence, discipline, resistance to change, regulation, secrecy, small business units and other small state issues. The following first part includes seven papers on Maltese external auditing in owner-managed companies, auditor changes, auditor perceptions, qualified opinions, first-time auditor selection, fee development and dysfunctional audit behaviour. The second part then comprises six papers on Maltese CG including the CG statement, internal audit benchmarking, conflicts of interest in co-operatives, the board/management relationship, a CG index, and small shareholder participation in the AGM. The portfolio contributes to literature notably by its original highlighting of the significance of the above-mentioned sub-themes on various aspects of EA and CG in a small state. Furthermore, the portfolio impacts Maltese EA and CG practices, particularly by emphasising the need to go beyond the adoption of imported regulatory frameworks.

O objetivo principal desse estudo é explicar a extensão em que os padrões de mapeamento cerebral acompanham os padrões comportamentais de julgamentos de auditores e contadores, quando da avaliação de evidências para decisões de continuidade operacional. Para isso, foi adaptado o protocolo comportamental do Asare (1989), bem como foi utilizado o método desenvolvido pelo laboratório EINA, para coleta de dados por meio de eletroencefalograma (EEG) e elaboração do mapeamento cognitivo cerebral. Adicionalmente, visando o enriquecimento da discussão científica acerca da contabilidade, destacam-se as hipóteses formuladas por Basu e Waymire (2006), Dickhaut (2009) e Dickhaut et al. (2010), utilizando bases biológicas (cerebrais) para predizer a evolução das normas contábeis. O planejamento dessa pesquisa exploratória contemplou a investigação do relacionamento entre a teoria de atualização de crenças (HOGARTH; EINHORN, 1992) e as bases neurocientíficas, para uma amostra composta por 25 indivíduos (12 auditores e 13 contadores). Como resultado, auditores e contadores apresentaram julgamentos similares, quanto à continuidade operacional da companhia, sobretudo ao demonstrarem maior sensibilidade aos blocos de evidências negativas (HOGARTH; EINHORN, 1992). Apesar dos julgamentos similares, os resultados apresentaram padrões de processamento cerebral divergentes entre os grupos, ensejando que raciocínios distintos foram utilizados para chegar às estimativas de continuidade. Durante o processo decisório, os auditores apresentaram padrões de processamento cerebral homogêneos, enquanto os contadores evidenciaram a ocorrência de conflitos e maior esforço cognitivo (ROCHA; ROCHA, 2011). Para os dois grupos, observa-se a ocorrência de maximização (minimização) dos julgamentos em áreas cerebrais associadas à identificação das necessidades e motivações atreladas ao relacionamento do indivíduo com o seu grupo social. Essa premissa foi reforçada pela inexistência de diferenças significativas entre os mapas de regressão de auditores e contadores, levando à interpretação dos achados dos grupos como um comportamento cerebral homogêneo (DICKHAUT et al., 2010; ROCHA; ROCHA, 2011; SINGER, 2009). / The main purpose of this research is to investigate the extent to which auditors and accountants\' brain mapping patterns follow the behavioral patterns in the sequential assessment of evidences when making judgments about going concern opinion. The behavioral protocol used by Asare (1989) was adapted and the method developed by EINA laboratory was used for data collection (electroencephalogram - EEG) and construction of the cognitive brain mapping. In addition, the hypotheses formulated by Basu & Waymire (2006), Dickhaut (2009) and Dickhaut et al. (2010) were retrieved to enrich the scientific accounting discussion, using biological (brain) basis to predict the accounting standards evolution. This exploratory research was designed to investigate the relationship between belief-adjustment theory (HOGARTH; EINHORN, 1992) and the underpinnings of neurosciences used to test the behavioral and physiological hypotheses. The sample consisted of 25 participants (12 auditors and 13 accountants). Findings showed that auditors and accountants had similar going concern judgments, especially because they were more sensitive to negative evidences (HOGARTH; EINHORN, 1992). Notwithstanding similar judgments, results showed distinct patterns of brain processing indicating different reasoning to estimate the going concern probability. During the decision process, auditors had homogeneous patterns of brain processing, while patterns from accountants indicated the occurrence of conflicts and greater cognitive effort (ROCHA; ROCHA, 2011). Furthermore, findings showed maximization (minimization) of judgments in brain areas associated with the identification of needs and motivations linked to the individual\'s relationship with the related social group. This assumption was reinforced by the absence of significant differences between the regression brain maps of auditors and accountants, showing homogeneous brain behavior (DICKHAUT et al., 2010; ROCHA; ROCHA, 2011; SINGER, 2009).

O objetivo principal desse estudo é explicar a extensão em que os padrões de mapeamento cerebral acompanham os padrões comportamentais de julgamentos de auditores e contadores, quando da avaliação de evidências para decisões de continuidade operacional. Para isso, foi adaptado o protocolo comportamental do Asare (1989), bem como foi utilizado o método desenvolvido pelo laboratório EINA, para coleta de dados por meio de eletroencefalograma (EEG) e elaboração do mapeamento cognitivo cerebral. Adicionalmente, visando o enriquecimento da discussão científica acerca da contabilidade, destacam-se as hipóteses formuladas por Basu e Waymire (2006), Dickhaut (2009) e Dickhaut et al. (2010), utilizando bases biológicas (cerebrais) para predizer a evolução das normas contábeis. O planejamento dessa pesquisa exploratória contemplou a investigação do relacionamento entre a teoria de atualização de crenças (HOGARTH; EINHORN, 1992) e as bases neurocientíficas, para uma amostra composta por 25 indivíduos (12 auditores e 13 contadores). Como resultado, auditores e contadores apresentaram julgamentos similares, quanto à continuidade operacional da companhia, sobretudo ao demonstrarem maior sensibilidade aos blocos de evidências negativas (HOGARTH; EINHORN, 1992). Apesar dos julgamentos similares, os resultados apresentaram padrões de processamento cerebral divergentes entre os grupos, ensejando que raciocínios distintos foram utilizados para chegar às estimativas de continuidade. Durante o processo decisório, os auditores apresentaram padrões de processamento cerebral homogêneos, enquanto os contadores evidenciaram a ocorrência de conflitos e maior esforço cognitivo (ROCHA; ROCHA, 2011). Para os dois grupos, observa-se a ocorrência de maximização (minimização) dos julgamentos em áreas cerebrais associadas à identificação das necessidades e motivações atreladas ao relacionamento do indivíduo com o seu grupo social. Essa premissa foi reforçada pela inexistência de diferenças significativas entre os mapas de regressão de auditores e contadores, levando à interpretação dos achados dos grupos como um comportamento cerebral homogêneo (DICKHAUT et al., 2010; ROCHA; ROCHA, 2011; SINGER, 2009). / The main purpose of this research is to investigate the extent to which auditors and accountants\' brain mapping patterns follow the behavioral patterns in the sequential assessment of evidences when making judgments about going concern opinion. The behavioral protocol used by Asare (1989) was adapted and the method developed by EINA laboratory was used for data collection (electroencephalogram - EEG) and construction of the cognitive brain mapping. In addition, the hypotheses formulated by Basu & Waymire (2006), Dickhaut (2009) and Dickhaut et al. (2010) were retrieved to enrich the scientific accounting discussion, using biological (brain) basis to predict the accounting standards evolution. This exploratory research was designed to investigate the relationship between belief-adjustment theory (HOGARTH; EINHORN, 1992) and the underpinnings of neurosciences used to test the behavioral and physiological hypotheses. The sample consisted of 25 participants (12 auditors and 13 accountants). Findings showed that auditors and accountants had similar going concern judgments, especially because they were more sensitive to negative evidences (HOGARTH; EINHORN, 1992). Notwithstanding similar judgments, results showed distinct patterns of brain processing indicating different reasoning to estimate the going concern probability. During the decision process, auditors had homogeneous patterns of brain processing, while patterns from accountants indicated the occurrence of conflicts and greater cognitive effort (ROCHA; ROCHA, 2011). Furthermore, findings showed maximization (minimization) of judgments in brain areas associated with the identification of needs and motivations linked to the individual\'s relationship with the related social group. This assumption was reinforced by the absence of significant differences between the regression brain maps of auditors and accountants, showing homogeneous brain behavior (DICKHAUT et al., 2010; ROCHA; ROCHA, 2011; SINGER, 2009).

Der zentrale Auftrag der Wirtschaftsprüfung ist die Überprüfung und Testierung der Finanzberichterstattung von Unternehmen. Damit trägt der Berufsstand der Wirtschaftsprüfer maßgeblich zum Vertrauen der Gesellschaft in das Wirtschafts- und Finanzwesen bei, die Grundvoraussetzung für die Funktionsfähigkeit von Märkten und wirtschaftlicher Handlungsfähigkeit. Der wachsende Einsatz von KI-Systemen, die Verwendung von Cloud-Services und die Verarbeitung von Massendaten bei der Erstellung von Rechnungslegung und Publizität hat verstärkt zur Folge, dass sich Prüfungssituationen und -szenarien verändern oder gar vollständig neu entwickeln. Dies erfordert enorme Investitionen in IT-Ressourcen und -Kompetenzen, damit sich auch in Zukunft hochwertige Prüfungsergebnisse erzielen lassen. Vor allem für kleinere und mittelständische Prüfungsgesellschaften ist diese Herausforderung jedoch kaum eigenständig zu bewältigen. Nachdem im Jahr 2017 eine gesetzliche Grundlage für die cloudbasierte Bündelung von IT-Ressourcen und -Kompetenzen bei einem spezialisierten Dienstleister geschaffen wurde, wird daher der Einsatz von sogenannten „Audit Clouds“ als eine Alternative zur klassischen Kanzleiorganisation diskutiert. Dabei ist noch nicht abschließend geklärt, wie unter Berücksichtigung unterschiedlicher kanzlei- und mandatsbezogener Perspektiven und unter Einhaltung prüfungsnormbezogener Voraussetzungen die Geschäftsmodelle und das Dienstleistungsspektrum von sogenannten "Audit Clouds" gestaltet sein sollen. Gleichzeitig bedingt die erfolgreiche Entwicklung und Diffusion digitaler Innovationen hinreichende Erkenntnisse über die Akzeptanz künftiger Anwender. Dieser Untersuchungsbedarf wird in der vorliegenden Dissertation in einem dreistufigen Vorgehen adressiert: Im ersten Schritt werden in Abhängigkeit von kanzlei- und mandatsbezogenen Anforderungen sowie unter Berücksichtigung von berufsständischen Normen verschiedene Audit-Cloud-Ansätze hergeleitet. Bei den anknüpfenden Akzeptanzuntersuchungen bilden diese Ansätze das Untersuchungsobjekt. Der zweite Schritt umfasst die Entwicklung eines Forschungsmodells, auf dessen Basis die Akzeptanz von Wirtschaftsprüfern gegenüber Audit Clouds untersucht wird. Im dritten Schritt wird unter Verwendung des Mixed-Methods-Ansatzes die indirekten und direkten Effekte und Determinanten ermittelt, die die Akzeptanz des Berufsstands gegenüber Audit Clouds begünstigen und vorhersagen.