Changes in Auditor Reporting and Its Impact on Financial Reporting: A Case Study of Telstra Limited

COMPANY AUDITING ASSIGNMENT

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By student name
Professor
University
Date: 07 January 2018.
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Executive Summary
In the given assignment, a report needs to be prepared on the changes that have been introduced by
the accounting boards and committees all over the world to improve the quality of reporting and
thereby auditing of the financials. The report specifically discusses on the changes in auditor reporting
brought upon by IFRS Board post 15th December 2016. These also include introduction of a couple of
accounting standards which have been discussed along with the benefits like how they contribute to the
better reporting and its transparency. Its impact on the listed companies and how the same is being
used by the different auditors has also been discussed.
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Contents
Introduction.................................................................................................................................................4
Analysis........................................................................................................................................................4
ASA 701: Key Audit Matters om auditors reports and its impact............................................................4
Other new audit reporting rules..............................................................................................................5
Key audit matters: Use and how to identify............................................................................................8
Areas of KAM...........................................................................................................................................8
Early adopters of auditors' reports..........................................................................................................9
Conclusion.................................................................................................................................................13
References.................................................................................................................................................14
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