ACCG925 – The Audit Report

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Added on 2020-02-23

ACCG925 – The Audit Report

Added on 2020-02-23

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ACCG925 – Individual Assignment TemplateFamily Name:First Name:Student ID:Lecturer Name:Time and Day of the seminar:1

ContentsPart 1: The key changes to audit report. With focus on the similarities as well as anydifferences between PCAOB and the International Auditing and Assurance Standards Board(IAASB) auditing reporting requirements.................................................................................3Part 2: Explain the reasons/motivation for the changes and critique whether these changes arelikely to achieve their aims........................................................................................................5Part 3: Outline the likely impact of the audit reporting on audit practice..................................6References..................................................................................................................................72

Part 1: The key changes to the audit report. With a focus on the similarities as well asany differences between PCAOB and the International Auditing and AssuranceStandards Board (IAASB) auditing reporting requirements.The audit report presents the truthfulness of the financial statement about giving the view ofthe financial position of the company. The various users of the financial statement areinvestors, government; tax Authorities etc. (Gipper, et. al., 2015).The similarities anddifferences of the audit report requirement between PCAOB and international Auditing andAssurance board are given below:PCAOBIAASBNot provided yet but will come into forcewith IAASB.The date with which it will be effective is thecalendar year 2016Only public companies are covered by thePCAOB.The requirements are issued for all thecompanies except for KAM and their namingpartners.The audit report should describe all the“Critical audit matters”.“Critical audit matters” implies the mattersthat are material for the financial statement ofthe company and can seriously influence thedecisions of financial statement users.The “Key audit matters” should be includedand clearly stated in the audit report.“Key audit matters” are the areas in the auditof the financial statement that is of mostsignificant nature. These are identified by theauditors after discussion with that chargewith the governance of the company. The going concern concept will beThe going concern concept will be re-3

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