Relevant Aspects Regarding the Changes of the Statutory Audit Report in the Light of International Regulations

Author:Clemente KISS, Ph.D.; Lecturer Melinda Timea FÜLÖP, Ph.D.; George Silviu CORDOŞ, Ph.D. Student

JEL:M42

DOI:

Keywords:statutory audit report, IAASB, key audit matters

Abstract:
The study presents relevant aspects regarding the changes of the audit report in the post economic crisis period. The motivation that has led the authors to address these changes in the audit report is the significance and importance of this document, as the finality of the audit mission. Therefore, a series of studies in the literature have been undertaken, reflecting on the significance and the revision of the audit report. In the analysis, the authors conducted a series of comparisons, such as the changes and improvements conveyed to the audit report, pushed by international and regional regulators: International Auditing and Assurance Standards Board (IAASB), European Union (EU), Public Company Accounting Oversight Board (US PCAOB) and the UK Financial Reporting Council. The study also presents a comparison between the current structure of the audit report and the extended audit report of the Rolls-Royce company, whose reports have been analyzed. Research results show that the changes at the European level are still being implemented while in the UK some of these changes have already been employed since 2013 by companies such as Rolls Royce. The authors also believe that a comprehensive study could be conducted after the application of the new and revised auditing standards issued by the IAASB on January 15th, 2015, applicable from 2016, which could provide an indication of new trends.\r\n

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