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Auditing Standards (auditing + standards)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	100%

Selected Abstracts

The Force of Law: Australian Auditing Standards and Their Impact on the Auditing Profession

AUSTRALIAN ACCOUNTING REVIEW, Issue 1 2009
Angela Hecimovic
This study examines the impact of the introduction of the legally enforceable Australian Auditing Standards (ASAs) on the auditing profession after the first year of implementation. The study compliments and extends the Australian Government's April 2006 pre-implementation Regulation Impact Statement, which identified potential costs, benefits and other impacts of the new regulatory regime. Relevant data were collected through interviews with the key stakeholders. Overall, the results suggest that the additional burden of compliance with the legally enforceable ASAs has not increased perceived audit quality or public confidence, which were the main aims of the government's regulatory intervention. [source]

Financial Reporting Regulation: The Case of Converging Canadian and International Accounting and Auditing Standards,/LA RÉGLEMENTATION DE L'INFORMATION FINANCIÈRE: LA CONVERGENCE DES NORMES CANADIENNES ET INTERNATIONALES DE COMPTABILITÉ ET DE VÉRIFICATION

ACCOUNTING PERSPECTIVES, Issue 1 2008
Kathryn Bewley
ABSTRACT This paper provides a descriptive analysis of the differences between existing Canadian accounting and auditing standards and the corresponding international standards that Canadian standard-setters have decided to converge them with, at the time of the decisions to converge. The descriptive analysis is based on two reconciliation documents published by the standard-setting boards of the Canadian Institute of Chartered Accountants. The main contributions of the paper are to outline and analyze the differences systematically in the context of prior research on financial reporting regulation and the impact of internationalization of accounting and auditing standards, and to identify key areas of difference that are likely to have the greatest impact on preparers, auditors, and users of Canadian financial statements. The results do not indicate that Canada is moving to a significantly more or less restrictive accounting measurement regime, but it appears that there will be greater disclosure detail required under international accounting standards than under existing Canadian standards. The key accounting difference relates to appraisal values for tangible and intangible assets that are permitted in international standards but not currently in their Canadian counterparts. The findings for auditing standards suggest that international and Canadian auditing standards impose a similar set of requirements on the audit function, and provide a similar degree of detailed application guidance. Differences in standards for the auditor's report and for management's written representations to the auditor are the most significant changes for audit practice in Canada. RÉSUMÉ L'auteure présente une analyse descriptive des éléments qui différencient les normes canadiennes de comptabilité et de vérification existantes et les normes internationales correspondantes vers lesquelles les normes canadiennes devraient converger, selon la position adoptée par les normalisateurs canadiens au moment de trancher la question. L'analyse descriptive se fonde sur deux documents de conciliation publiés par les conseils de normalisation de l'Institut Canadien des Comptables Agréés. Le principal apport de la présente étude est double: elle propose une description et une analyse systématiques des différences entre les normes dans le contexte des recherches précédentes sur la réglementation de l'information financière et l'incidence de l'internationalisation des normes de comptabilité et de vérification, et elle recense les principales sphères dans lesquelles les normes présentent des différences susceptibles d'avoir les conséquences les plus importantes pour les auteurs de l'information, les vérificateurs et les utilisateurs des états financiers canadiens. Selon les résultats de l'étude, le régime de mesure comptable vers lequel s'oriente le Canada ne présente pas un caractère qui serait plus ou moins restrictif, mais tout indique que les exigences en ce qui a trait au détail de l'information à fournir seront plus grandes sous le régime des normes comptables internationales que sous celui des normes canadiennes existantes. La principale différence relevée au chapitre de la comptabilité se rapporte aux valeurs d'expertise des actifs corporels et incorporels qui sont permises dans les normes internationales mais ne le sont pas dans les normes canadiennes actuelles. Quant à la vérification, il semble que les normes internationales et canadiennes imposent à la fonction de vérification un ensemble d'exigences similaires et contiennent des directives d'application d'une précision analogue. Les différences dans les normes relatives au rapport du vérificateur et aux déclarations écrites de la direction sont les changements les plus importants pour l'exercice de la vérification au Canada. [source]

,Clarity' Begins at Home: An Examination of the Conceptual Underpinnings of the IAASB's Clarity Project

INTERNATIONAL JOURNAL OF AUDITING, Issue 3 2010
Ian Dennis
This paper examines the IAASB's policy proposals arising out of their review of the drafting conventions in auditing standards that has become known as the Clarity Project. The objectives of the Project and how they changed during its evolution are reviewed. One motivation for the Project was to ensure that auditing standards drafted by the IAASB are ,principles-based'. The failure to adequately consider the meaning of ,principles-based standards' was responsible for a lack of clear focus on what was wanted from the Project. This resulted in two main objectives for the Project. The first was a search for fundamental principles of auditing that was incompletely realized, officially abandoned and subsequently covertly pursued in the revisions made to ISA 200. The second was a desire to promulgate standards that were ,objectives-based' or ,principles-based'. Unfortunately, there was inadequate enquiry into the idea of an objective and the related idea of ,objectives-based' standards. The paper clarifies their nature. It examines the idea of a conceptual framework for auditing and the explanations of objectives and ,objectives-based' standards that emerged during the evolution of the Project. It considers the ideas objectives in ISAs, requirements and explanatory material in order to throw light on the nature of auditing standards that contain them. The question of whether an important distinction between ,requirements' and ,presumptive requirements' has been lost between the first and the second Exposure Draft is examined. This distinction can be explained and justified in terms of a distinction between different concepts of rules. It is suggested that the Clarity Project was a missed opportunity. The results are uncertain because there was a failure to undertake adequate conceptual enquiry into some of the concepts that directed its development. A start is made in rectifying this omission in the paper. [source]

Audit Reports on Financial Statements Prepared According to IASB Standards: Empirical Evidence from the European Union

INTERNATIONAL JOURNAL OF AUDITING, Issue 3 2004
Maria A. Garcia-Benau
This paper examines the audit report of 147 firms from the European Union that prepare their financial statements in compliance with the standards developed by the International Accounting Standards Board. Bearing in mind that the consolidated accounts of listed companies will follow IAS from 2005 onwards, the purpose of this paper is to provide some insight into the current outcome of the statutory audit on this information. Interesting conclusions are drawn from this empirical study with regard to the auditing standards applied, the wording used and the differences observed between reports produced by auditors from the big firms and reports from different European countries. The need to harmonise the auditing field is discussed under the results obtained, with the final aim to contribute to the standard-setting debate on the creation of a high quality financial reporting system in the European Union. [source]

The Australian Auditing and Assurance Standards Board after the Implementation of CLERP 9

AUSTRALIAN ACCOUNTING REVIEW, Issue 42 2007
CHRISTINE JUBS
This paper traces the establishment of the reconstituted Auditing and Assurance Standards Board (AUASB) as a result of the CLERP (Audit Reform and Corporate Disclosure) Act 2004, and its progress in developing auditing standards that are "in the public interest". The paper canvasses the composition of the AUASB, its transparency and due process, its relationship with the International Auditing and Assurance Standards Board and the Financial Reporting Council, and its resourcing and attitude to researching issues of importance in auditing. The paper discusses methods that might be used to provide evidence of the efficacy of the reforms to auditing standard-setting. [source]