Australian audit reports: 1996-2003

CPA Australia
Publication Type:
Journal Article
Australian Accounting Review, 2006, 16 (3), pp. 89 - 96
Issue Date:
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Since the amendment of the audit reporting standard in 1996, the rate of qualifications for publicly listed companies has fallen to around 4%, much less than the pre-amendment qualification rate of around 15%-20%. This shows that the changes to the audit reporting standards have had a significant and the desired effect of improving the disclosure in the financial statements, with which the auditor must concur, rather than resulting in an audit qualification. This desired effect is to draw the emphasis away from issuing qualifications and to encourage an increased level of disclosure in the financial reports for issues of significance. Auditors who are satisfied with the level of disclosure can issue an unqualified report, and if they wish, bring the user's attention to these issues by emphasizing the matter in the audit report. The frequency with which different types of opinions are issued is examined and the types of opinions are compared.
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