IMPLICATIONS OF THE CURRENT EXPOSURE DRAFT ON AUDIT REPORTING

Abstract

The regulatory changes come as a response to perceived deficiencies in the postfinancial crisis, and their goal is to improve users' perception of the usefulness and quality of the audit report. The article approaches the subject of these proposals to revise the standards and their implications for the audit report. The article is divided into five parts: the first part the authors present a brief introduction to the subject matter; the second part presents the research methodology; the third part the authors present a review of the literature research; the fourth section presents an analysis of the responses of EU respondents to the Exposure Draft issued by the IAASB in July 2013 and the last part the authors present research findings, limitations and perspectives.

Keywords

• exposure draft
• key audit matters
• expectation gap
• audit report
• iaasb