tailieunhanh - IMPROVING THE AUDITOR’S REPORT

The Management Services and Exempt Organizations unit reviews several IRS programs, including Financial Management, the Tax Exempt and Government Entities Division, the Agency-Wide Shared Services function, the Chief Human Capital Officer, the IRS Oversight Board, and acquisition and procurement fraud. The Management Services and Exempt Organizations unit also addresses IRS offices reporting directly to the IRS Commissioner, including the Taxpayer Advocate Service; Office of Chief Counsel; Office of Appeals; Office of Equity, Diversity, and Inclusion; Office of Research, Analysis, and Statistics; and Compliance Analytics Initiatives. . | IAASB International Auditing and Assurance Standards Board IMPROVING THE AUDITOR S REPORT _ - I CHAIRMAN S STATEMENT The auditor s report is the auditor s primary means of communication with an entity s stakeholders. What does today s auditor s report on financial statements deliver It is generally a short standardized report that describes the financial statements subject to audit the audit itself and the respective responsibilities of management and the auditor. A cornerstone of the auditor s report is the auditor s opinion which is either a clean unmodified or modified opinion with an explanation of the basis for such. This model has many virtues and has been long-standing in many jurisdictions in some cases for decades. More than ever before however users of audited financial Prof. Arnold Schilder statements are calling for more pertinent information for their decision-making in today s global business environment with increasingly complex financial reporting requirements. The global financial crisis also has spurred users in particular institutional investors and financial analysts to want to know more about individual audits and to gain further insights into the audited entity and its financial statements. And while the auditor s opinion is valued many perceive that the auditor s report could be more informative. Change therefore is essential. The International Auditing and Assurance Standards Board IAASB embraces this need for change. A quality audit should be accompanied by an informative auditor s report that delivers value to the entity s stakeholders. The IAASB s clarified International Standards on Auditing ISAs establish a strong basis for a single global auditing language both for the private and the public sectors and promote robust risk-based audits. But the auditor s report should better explain what an auditor does and enable the auditor to shine light on key matters based on the auditor s work. As the call for change continues to intensify we .