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Audit Reports on Financial Statements Prepared According to IASB Standards: Empirical Evidence from the European Union
Author(s) -
GarciaBenau Maria A.,
Zorio Ana
Publication year - 2004
Publication title -
international journal of auditing
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.583
H-Index - 21
eISSN - 1099-1123
pISSN - 1090-6738
DOI - 10.1111/j.1099-1123.2004.00093.x
Subject(s) - accounting , audit , european union , business , generally accepted auditing standards , statutory law , compliance (psychology) , quality audit , empirical evidence , audit evidence , joint audit , financial accounting , internal audit , accounting information system , political science , psychology , social psychology , philosophy , epistemology , law , economic policy
This paper examines the audit report of 147 firms from the European Union that prepare their financial statements in compliance with the standards developed by the International Accounting Standards Board. Bearing in mind that the consolidated accounts of listed companies will follow IAS from 2005 onwards, the purpose of this paper is to provide some insight into the current outcome of the statutory audit on this information. Interesting conclusions are drawn from this empirical study with regard to the auditing standards applied, the wording used and the differences observed between reports produced by auditors from the big firms and reports from different European countries. The need to harmonise the auditing field is discussed under the results obtained, with the final aim to contribute to the standard‐setting debate on the creation of a high quality financial reporting system in the European Union.