Auditing and Assurance in Australia Assignment

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Added on 2020-04-07

Auditing and Assurance in Australia Assignment

Added on 2020-04-07

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Running Head: AUDITING AND ASSURANCE IN AUSTRALIA 1Auditing and Assurance in Australia(Name)(Institutional Affiliation)

Auditing and Assurance in Australia Assignment_1

AUDITING AND ASSURANCE IN AUSTRALIA 2The key changes to audit report. With focus on the similarities as well as any differences between PCAOB and the International Auditing and Assurance Standards Board (IAASB) auditing reporting requirements.This discussion will be based on the recent changes that were implemented by the PCAOB in the manner in which audit reports are delivered with specific reference to the risks involved in such transactions. One of the major risks is the liability of the auditors which is a major concern. Besides, much emphasis will be laid on the comparison between the suggestions of the PCAOB and the requirements of the IAASB where the differences and similarities will be discussed. (Louwers, 2016)The recent key changes that were instituted by the PCAOB included the provision of information to the entrepreneurs and the intention was to improve their understanding of the report provided by the auditors and the forthcoming importance of the same. The other additionalimprovement upon the report was that it suggested a thorough discussion of the audit matters. These are matters that border on the disclosure of the material facts as well as the financial documentations whose subject matter may not be easily comprehensible owing to the complexityof the financial matters as it was mentioned earlier. The new standards would require that the period of tenure under which an auditor should serve in a company must be laid bare. This involves information concerning the exact year when they began their service (Jha, 2013). The requirements of the new changes indicate that the auditors must design a viable plan to address the concept of whether the misstatements in the accounting records were carried out by virtue of fraudulent acts or through erratic means. Nonetheless, the changes were to be effected in various phases. This would allow the users of the reports ample time to consume the information while the auditing companies would also be in a better position to cater for the critical issues that they

Auditing and Assurance in Australia Assignment_2

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