ACCG925 – Individual Assignment TemplateFamily Name:First Name:Student ID:Lecturer Name:Time and Day of the seminar:1
Table of ContentsThe key changes to the audit report. With a focus on the similarities as well as any differences between PCAOB and the International Auditing and Assurance Standards Board (IAASB) auditing reporting requirements.................................................................................3Explain the reasons/motivation for the changes and critique whether these changes are likely to achieve their aims...................................................................................................................6Outline the likely impact of the audit reporting on audit practice.............................................7References..................................................................................................................................82
Solution 1 Preparation of audit report is the work of an auditor. It is the duty of the auditor to make a true and fair opinion over the accuracy of the financial statements. Financial statement may be used by various persons for their general purposes which are commonly known as Users of the financial statement (Arens, et. al., 2012). Some of the users of financial statements are Management, Investors, Creditors and lenders, employees, government, and society. Differences and Similarities between PCAOB and the International auditing and assurance standards board (IAASB) regarding audit report requirement are as given below:Main featureIAASB standards PCAOB standardsSimilarities/ DifferencesCommunication of KAM/CAM in regard to modified opinionAuditor’s report does not include KAM.In a situation when there is adverse opinion, communication of CAM does not apply.Communication of KAM/CAM in regard to modified opinion is similar in both.Ordering as well as basis for opinionSection of opinion isneeded to be presented first, and then it will be followed up by opinion section unless regulations prescribe a diverse placement.Section of opinion isneeded to be presented first, followed by bases for opinion section.The ordering of these sections is same.Responsibilities of These are located in Enhancement to Description of 3
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