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Investigate the expectation of the users of financial statement from the auditors in case of Saudi Arabia - Dissertation Example

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Investigate the expectation of the users of financial statement from the auditors in case of Saudi Arabia

‘Investigate the expectation of the users of financial statement from the auditors in case of Saudi Arabia’ startes with the description of the concept of the auditing experiences gap as well as the most common elements that contribute to the formation of the latter. The results also focused on the most common recommendations that previous researchers have identified which they have considered as effective in terms of eliminating, or at least, narrowing the audit expectations gap. However, as the literature suggested, the said recommendations were determined based on the experiences of developed countries rather than focusing on the factors that affect developing societies that usually adhere to different societal worldviews. This is of utmost importance in this study taking into consideration, the fact that a different worldview exists in the Kingdom of Saudi Arabia as it is a Muslim country, adhering to the principles of Shari’ah Law. The literature review also highlighted the main facets of the Saudi society. It was clearly established that the latter is governed by a different ideology as well as by a different legal system. These factors have then contributed significantly to the expectations of the users of financial statements as well as to the practice of the auditors per se. Cogently, the theoretical background adopted in this study emphasizes the importance of taking the said factors into consideration so as to properly understand the expectations of the users of financial statements as well as auditing expectations gap existing in the country.

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These literatures all emphasize that the expectations gap is usually evident from two points of view: (1) the users of the financial statements and (2) the auditors. In addition, there are also four expectation issues connected with this; these are: (1) audit assurance which pertains to the role and functions that the auditors must fulfill, (2) the level of quality in relation to the performance of the audits, (3) structural issues and regulatory issues that significantly affect the independence of the accountants/auditors, and (4) the manner by which the said audits are reported, taking into consideration the inconsistencies in terms of the construction of the different meanings contained in the audit reports. Previous studies conducted in relation to the auditing experiences gap tend to focus on developed countries and at the same time, have significantly failed to give paramount importance to the political and historical contexts wherein the said expectations are formed. Aside from this, the common recommendation is to publish strict guidelines with respect to accounting and auditing to cater to the problem at hand. However, some of the said studies mention that the said recommendations do not usually apply to all countries, most especially the developing ones taking into consideration the differences as to the ideological and legal structures that govern it. The study focuses on the experiences and perceptions of the users of financial statements in the Kingdom of Saudi Arabia. In addition to this, it also seeks to determine the different factors affecting this to gain a better understanding of the auditing experiences gap in the said country. This ...Show more

Summary

This research examines and analyzes accounting guidelines and practices implemented in the Kingdom to determine their suitability in terms of ensuring the elimination of the auditing experiences gap as well as their appropriateness to the experience of the country. …
Author : gkessler
Investigate the expectation of the users of financial statement from the auditors in case of Saudi Arabia essay example
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