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Finance and Accounting Essay: Post Financial Crisis: Role of Audit
Finance & Accounting
Pages 10 (2510 words)
Post Financial Crisis: Role of Audit Contents Contents 1 Introduction 2 Critical Analysis of Extended Audit 3 Implications of Corporate Governance Audit 4 Corporate Governance and audit 4 Implications of Enhanced Audit on Stakeholders 5 Challenges for Auditors 6 Expectation Gap 9 Conclusion 10 Reference 11 Introduction The world faced a global financial crisis during 2008 after the bankruptcy of Lehman Brothers.
The paper highlights expectation gap and the framework of extended audit which could make the auditor’s report more informative for the general public so that they can make more informed decision. Critical Analysis of Extended Audit As per the research commissioned by ACCA it was found most of the readers of the annual report and financial statements were not much interested in the auditors report of the views and opinions of the external auditors. The main reasons behind these behaviours were unable to interpret the result of the auditors’ report. Some of the users of the financial results also wanted some additional information which would enhance the quality of the audit (Vanstraelen, et al, 2011, p.4-17). Extended audit report is an attempt to make the users educated of the auditing process, scope of the auditor and informing about other useful information. The institutional investors rely very less on audit report as they find that the audit report does not reflects the overall performance and the auditors report is not customized as per the business model. ...
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