Title: Stakeholders' perception about strengthening the audit report

Authors: Adriana Tiron-Tudor; George Silviu Cordos; Melinda Timea Fülöp

Addresses: Faculty of Economics and Business Administration, Babes-Bolyai University, 58-60 Th. Mihali Street, Cluj-Napoca 400591, Romania ' Faculty of Economics and Business Administration, Babes-Bolyai University, 58-60 Th. Mihali Street, Cluj-Napoca 400591, Romania ' Faculty of Economics and Business Administration, Babes-Bolyai University, 58-60 Th. Mihali Street, Cluj-Napoca 400591, Romania

Abstract: The need for change in the accounting and audit profession is a topic discussed and accepted by both regulators and accounting professionals. As a result of the global financial crisis, users need more information regarding the auditor's work. This study aims to investigate whether users of audit reports agree with the IAASB's proposal to modify the audit report structure and to include a new section, key audit matters, with the purpose of comprising more information concerning the audit mission, with the aim of improving audit communication. The authors achieve this objective by a qualitative research: exposing a theoretical background and a literature review. In order to fulfil the research objective of analysing responses provided to the IAASB 2013 exposure draft, this study uses the method of content analysis. The results show that the respondents agree with the new audit report structure and the inclusion of the key audit matters section in the audit report.

Keywords: audit report; IAASB; audit reporting changes; exposure draft; key audit matters; KAM; comment letter; audit theories; audit; credibility; financial crisis.

DOI: 10.1504/AJAAF.2018.091138

African Journal of Accounting, Auditing and Finance, 2018 Vol.6 No.1, pp.43 - 69

Received: 02 Jun 2017
Accepted: 12 Dec 2017
Published online: 11 Apr 2018 *

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