Open AccessKey research issues – a new element in auditor reporting
Author(s) -
Małgorzata Kutera
Publication year - 2019
Publication title -
zeszyty teoretyczne rachunkowości
Language(s) - English
Resource type - Journals
eISSN - 2391-677X
pISSN - 1641-4381
DOI - 10.5604/01.3001.0013.0756
Subject(s) - audit , accounting , business , auditor's report , audit evidence , joint audit , context (archaeology) , audit plan , auditor independence , external auditor , stock exchange , key (lock) , financial statement , asset (computer security) , internal audit , actuarial science , finance , computer science , computer security , paleontology , biology
Significant changes are being made to the way independent auditors report audit results. They aregenerally oriented towards the broader context in which the auditors worked to analyse their conclusionsmore effectively. What is particularly interesting in this context is the auditor's duty to present Key AuditMatters (KAMs) concerning areas of the highest risk. In light of the above, the purpose of this article is topresent the extent to which changes have been implemented in independent auditors' reports from theaudits of the financial statements of the largest companies on the Polish market and to identify both thekey audit matters as well as the verification procedures applied by auditors. Auditors' opinions from theaudits of consolidated financial statements of the 30 largest companies listed on the main market of theWarsaw Stock Exchange for the years 2014–2016 were analysed in detail. The total sample comprised 90 opinions. The research methodology consisted mainly of case studies, with deductive and inductive reasoning used to formulate conclusions based on the analysis and synthesis method. The results of this research indicate that some independent auditors have been implementing new elements of reporting on a current basis. An analysis of the contents of their opinions has shown that the auditors mainly include the estimates of asset impairment, the recognition of sales, the disclosure of claims, disputed matters and con-tingent liabilities as well as accounting for deferred income tax assets in Key Audit Matters. Auditors also give quite detailed reasons for selecting the specific KAM and the verification techniques used.