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The Audit Reporting Debate: Seemingly Intractable Problems and Feasible Solutions

Author

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  • Ann Vanstraelen
  • Caren Schelleman
  • Roger Meuwissen
  • Isabell Hofmann

Abstract

While the audit reporting debate has a long history, a number of recent regulatory initiatives and policy reviews increase the likelihood of change in this area. The purpose of this study is to use this momentum and examine whether there is consensus between audit report users and auditors with regard to the form and content of the audit report. This seems necessary because past audit reporting reforms have failed due to a lack of common ground. Based on interviews with users and auditors, we conclude that reaching a level of consensus seems feasible. Using these insights, we propose an alternative audit reporting model that may significantly reduce the information gap between users and auditors and improve transparency on the quality of audit practice.

Suggested Citation

  • Ann Vanstraelen & Caren Schelleman & Roger Meuwissen & Isabell Hofmann, 2012. "The Audit Reporting Debate: Seemingly Intractable Problems and Feasible Solutions," European Accounting Review, Taylor & Francis Journals, vol. 21(2), pages 193-215, August.
    • Handle: RePEc:taf:euract:v:21:y:2012:i:2:p:193-215
    DOI: 10.1080/09638180.2012.687506
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    Citations

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    Cited by:

    1. Nicolás Gambetta & Laura Sierra‐García & María Antonia García‐Benau & Josefina Novejarque‐Civera, 2023. "The Informative Value of Key Audit Matters in the Audit Report: Understanding the Impact of the Audit Firm and KAM Type," Australian Accounting Review, CPA Australia, vol. 33(2), pages 114-134, June.
    2. Pranil Prasad & Parmod Chand, 2017. "The Changing Face of the Auditor's Report: Implications for Suppliers and Users of Financial Statements," Australian Accounting Review, CPA Australia, vol. 27(4), pages 348-367, December.
    3. Estibaliz Goicoechea & Fernando Gómez-Bezares & José Vicente Ugarte, 2021. "Improving Audit Reports: A Consensus between Auditors and Users," IJFS, MDPI, vol. 9(2), pages 1-25, April.
    4. Sau Yu Ong & Robyn Moroney & Xinning Xiao, 2022. "How do key audit matter characteristics combine to impact financial statement understandability?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 805-835, March.
    5. Tache Marta, 2020. "‘Big 4’ influence on audit market," Central European Economic Journal, Sciendo, vol. 7(54), pages 143-156, January.
    6. Elsayed, Mohamed & Elshandidy, Tamer & Ahmed, Yousry, 2023. "Is expanded auditor reporting meaningful? UK evidence," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 53(C).
    7. Tarek Abdelfattah & Mohamed Elmahgoub & Ahmed A. Elamer, 2021. "Female Audit Partners and Extended Audit Reporting: UK Evidence," Journal of Business Ethics, Springer, vol. 174(1), pages 177-197, November.
    8. Sierra-García, Laura & Gambetta, Nicolás & García-Benau, María A. & Orta-Pérez, Manuel, 2019. "Understanding the determinants of the magnitude of entity-level risk and account-level risk key audit matters: The case of the United Kingdom," The British Accounting Review, Elsevier, vol. 51(3), pages 227-240.
    9. George Silviu CORDOŞ & Melinda Timea FÜLÖP, 2020. "Debates In The Literature Regarding Audit Reporting," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(22), pages 1-4.
    10. Li-Jen He, 2021. "Does Industry Specialist Auditor Provide More Insights in Their audit report? An Empirical Study of Key Audit Matters Section," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 11(5), pages 1-4.
    11. Melinda Timea FULOP, 2018. "New tendencies in audit reporting, examples of good practices BVB," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 16(150), pages 249-249.
    12. Chan-Chuan Ting, 2023. "The Association Between Changes in Key Audit Matters and Earnings Management Behavior in Companies," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 13(6), pages 1-3.
    13. Nicolás Gambetta & Laura Sierra García & María Antonia García Benau & Josefina Novejarque Civera, 2022. "The informative value of Key Audit Matters in the audit report," Documentos de Investigación 129, Universidad ORT Uruguay. Facultad de Administración y Ciencias Sociales.
    14. Shao-Huai Liang & Yu-Ting Hsieh & Hsuan-Chu Lin & Hui-Yu Hsiao, 2023. "What underlies key audit matters? Evidence from Taiwan," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 1243-1258, April.
    15. Estibaliz Goicoechea & Fernando Gómez-Bezares & José Vicente Ugarte, 2019. "Integrated Reporting Assurance: Perceptions of Auditors and Users in Spain," Sustainability, MDPI, vol. 11(3), pages 1-19, January.

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