ACCG 925 : Auditing and Assurance Services - Audit Report - Auditing Assignment - Macquarie University

Internal Code : MAS5189

Auditing Assignment :

Topic : “The U.S. Public Company Accounting Oversight Board has recently (PCAOB) [changed] the audit reporting model that would require auditors to disclose areas of high audit risk within the audit report. Concerns about the proposal’s potential to increase auditor liability have been raised by practitioners and highlighted in the business press”. Required: Based on research and professional evidence to date, briefly discuss and explain the key changes to the audit report, with specific focus on the similarities as well as any differences between the PCAOB and the International Auditing and Assurance Standards Board (IAASB) audit reporting requirements. Explain the reasons/motivation for the changes and critique whether these changes are likely to achieve their aims. Outline the likely impact of the new audit reporting requirements on audit practice.