Sample Essay
Another issue indicated by Mr. Nolan in the article was regarding the form of the audit report. This issue has the potential of being one of most important issue in audit all around the globe and the solution to this issue could change the overall understanding of the audit among the users of the financial statements. The issue raised was that the form of the audit report is very constrained by the auditing standards and the local regulatory authorities therefore the auditor cannot include a comprehensive narrative of the procedures performed in the audit report.
The auditor is required to follow the form of the report as suggested by the regulatory authorities therefore the users of the financial statements remain unable to obtain the complete information that auditor intends to convey. Therefore, it was suggested that the auditor should be allowed to include such dialogue and narrative in the report as he deems necessary and the auditor should be given legal security so that the auditor may be safe from the undue influence by the client. The last point that was raised in the article was the role of those charged with governance in the quality of the audit engagement. It was suggested that extensive cooperation should be sought from those charged with governance of the entity in order to ensure the quality of the audit evidence obtained.
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