Einführung der Rotationspflicht von Wirtschaftsprüfungsgesellschaften bei Unternehmen des öffentlichen Interesses aufgrund der EU-Verordnung Nr. 537/2014 in Kombination mit Prüfstunden der Wirtschaftsprüfer als Nachweis ausreichender Bankerfahrung zur Verbesserung der Qualitätssicherung (Stärkung der Unabhängigkeit und Verbesserung der Prüfqualität) in kleinen Kapitalmärkten – gezeigt am Beispiel der Bankenprüfer in Liechtenstein

This dissertation examines whether introducing an external rotation requirement for audit firms actually increases the independence of auditors and audit quality in a small capital market. It also investigates whether it would even be feasible to introduce such a requirement, with country-specific characteristics (including an audit hour requirement) taken into account.

A critical examination of the existing models and research studies shows that there are neither studies regarding an improvement in quality assurance in small capital markets, nor studies concerning the feasibility of external rotation in combination with a regulatory audit hour requirement.

In order to close the existing gap in the research, a qualitative study regarding the audit and capital market in Liechtenstein is being conducted. The Liechtenstein audit and capital market is a suitable object of study since the external rotation requirement went into effect in Liechtenstein on 1 January 2021, and audit hour verification for bank auditors had already gone into effect on 1 January 2016. In addition to the qualitative study, the plausibility of implementing external rotation in combination with an audit hour requirement is evaluated on a quantitative basis.

The research work is conducted by means of guided interviews with experts, which are analysed after transcription using qualitative content analysis based on the work of Mayring. A deductive/inductive approach is taken in preparing the coding guidelines. In order to scrutinise the trend statements in regard to feasibility, a quantitative plausibility check (that is, a trend character determination) is also carried out.

The dissertation provides the first evidence of the effects of external rotation on a small capital market. On this basis, the results of the interviews with experts revealed a slight trend in the data that suggests that introducing an external rotation requirement applicable to Liechtenstein bank auditors, with the special features of a small capital market taken into consideration, is unlikely to lead to any improvement in quality assurance. The experts see lower audit fees and loss of expertise as the primary drivers for a negative impact on audit quality. In addition, the experts believe it makes more sense to engage in internal rotation since such an approach is better able to soften the blow of loss of expert knowledge. The experts claim that there is likely to be a concentration of audit firms on the Liechtenstein audit market in the medium term, as the steering measures will make it more difficult to continue to meet the licensing requirements.