Paper Title :Critical Audit Matters and Audit Legal Liability: A systematic review of literature
Author :Yaqoub Alduraywish
Article Citation :Yaqoub Alduraywish ,
(2018 ) " Critical Audit Matters and Audit Legal Liability: A systematic review of literature " ,
International Journal of Management and Applied Science (IJMAS) ,
pp. 87-89,
Volume-4,Issue-7
Abstract : In the previous years, a number of the stockholders criticized the audit reports. This criticism came mainly from
the fact that audit reports proved limited information, where the users of audited financial statements demand for more
information on matters that influence their decisions. Therefore, some audit standards regulates including the International
Auditing and Assurance Standards in the U.S issued a new auditing standard requiring the communication of additional
information in the auditor’s report. This new auditing standard is expected to reduce the information gap between auditors
and the mangers of firms. This is because auditors are now able to communicate with the interested parties about the most
critical matters. However, this increases a concern that this new auditing standard puts pressure on auditors. Hence, current
studies exam the potential effect of this new auditing standard on auditors’ legal liability. We discuss the main results of
these studies to draw some policy implications of these findings.
Keywords - Auditor's report; Critical Audit Matters; auditing standards; expectation gap,
JEL Classification: M42
Type : Research paper
Published : Volume-4,Issue-7
DOIONLINE NO - IJMAS-IRAJ-DOIONLINE-12922
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Copyright: © Institute of Research and Journals
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Published on 2018-08-30 |
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