Evaluate and explain current issues and developments relating to audit,assurance and corporate governance


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Can the auditor’s report be enhanced to provide more meaning and value for investors and other stakeholders?
The IAASB believes that it can and has accelerated its Auditor Reporting project to tackle this challenging question.
A call for change—Enhancing the Auditor’s Report
Stakeholders—all users of audited financial statements, but in particular, institutional investors and financial analysts—are calling for more pertinent information for their decision making. They want to know more about individual audits and to gain further insights into the audited entity and its financial statements.
The IAASB understands and embraces the significant need for, and importance of, international leadership on the topic of Auditor Reporting. The board is moving rapidly, in a coordinated and outspoken fashion, in developing a global solution in response to calls for change to the auditor’s report.
The auditor’s report is the auditor’s primary means of communication with an entity’s stakeholders—as such, it has to be meaningful and have value for them. More than ever before, users of audited financial statements are calling for more pertinent information for their decision-making in today’s global business environment with increasingly complex financial reporting requirements. The global financial crisis also has spurred users, in particular institutional investors and financial analysts, to want to know more about individual audits and to gain further insights into the audited entity and its financial statements. And while the auditor’s opinion is valued, many perceive that the auditor’s report could be more informative. Change, therefore, is essential.
The IAASB understands and embraces the significant need for, and importance of, international leadership on the topic of Auditor Reporting. The IAASB is moving rapidly, in a coordinated and outspoken fashion, in developing a global solution in response to calls for change.
ASSIGNMENT REQUIREMENTS:
You are required to write an essay that explains and critically discusses the development of the wording of the external audit report and the IAASB’s latest pronouncements on its further improvement.
As a minimum your answer should encompass the following aspects:
• Perceptions on the purpose of the external audit report
• Explanation of how and why the wording in the external audit report has evolved and why further changes have been considered necessary
• Explanation and critical appraisal of the IAASB’s latest pronouncements, including stakeholder reaction
• Justified conclusions and final observations.



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