Auditor purpose

The findings indicate that practitioners have a common view that, in addition to providing assurance over the financial statements, it is their role to: * understand the business models of the entities they audit; * understand the organisation's internal controls and provide challenge and insig...

Full description

Saved in:
Bibliographic Details
Published in:Accountancy Ireland 2020-08, Vol.52 (4), p.49-50
Format: Magazinearticle
Language:English
Subjects:
Auditors
Audits
Business models
Coronaviruses
COVID-19
Financial statements
Internal controls
Leadership
Professionals
Public Company Accounting Reform & Investor Protection Act 2002-US
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The findings indicate that practitioners have a common view that, in addition to providing assurance over the financial statements, it is their role to: * understand the business models of the entities they audit; * understand the organisation's internal controls and provide challenge and insight to improve those controls; * provide expertise on financial reporting matters; * use technology to increase the assurance the auditor is providing; and * look to the future, understand the risks facing the business, and provide relevant insights. [...]the competencies required to use innovative technologies, including enhanced analytics, are different from the current core skills of many practitioners. According to the study, the critical barrier to disclosing more tailored information in audit reports was the ingrained concept of a 'clean' audit opinion - auditors and preparers alike found it difficult to move to a less binary conclusion.
ISSN:0001-4699