ACCG925 – Individual Assignment Template

Added on - 12 Nov 2019

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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 anydifferences 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 likelyto achieve their aims...................................................................................................................6Outline the likely impact of the audit reporting on audit practice.............................................7References..................................................................................................................................82
Solution 1Preparation of audit report is the work of an auditor. It is the duty of the auditor to make atrue and fair opinion over the accuracy of the financial statements. Financial statement maybe used by various persons for their general purposes which are commonly known as Usersof the financial statement (Arens, et. al., 2012).Some of the users of financial statements areManagement, Investors, Creditors and lenders, employees, government, and society.Differences and Similarities between PCAOB and the International auditing and assurancestandards board (IAASB) regarding audit report requirement are as given below:Main featureIAASB standardsPCAOB standardsSimilarities/DifferencesCommunication ofKAM/CAM inregard to modifiedopinionAuditor’s reportdoes not includeKAM.In a situation whenthere is adverseopinion,communication ofCAM does notapply.Communication ofKAM/CAM inregard to modifiedopinion is similar inboth.Ordering as well asbasis for opinionSection of opinion isneeded to bepresented first, andthen it will befollowed up byopinion sectionunless regulationsprescribe a diverseplacement.Section of opinion isneeded to bepresented first,followed by basesfor opinion section.The ordering ofthese sections issame.Responsibilities ofThese are located inEnhancement toDescription of3
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