UK audit reporting practices in the pre-ISA700 (2015 revision) era

Abstract

Given its significance to stakeholders, the process of revising audit reports is an essential subject in today's economic context. This study aims to detail relevant elements of this process by evaluating alterations to and developments of the audit report, as supported by international and regional standard-setters and regulators. To that end, we examine audit reports that have already applied new auditing regulations. This case study approach allows us to highlight UK audit-reporting practices both before and after the ISA 700 was issued and entered practice. Our findings reveal that in terms of content and content positioning, UK companies' audit reports make use of the psychological effects of primacy versus serial position and have done so long before the applicability of the international standard for financial statements published after December 2016.

What Best Explains Reporting Delays? A SME Population Level Study of Different Factors

“…However, the total reporting lag for SMEs, normally without compulsory audit requirements, is reduced to their managers' decisions. It should also be noted that even when SMEs are audited, those that are financially distressed might delay or never submit their reports to auditors, and thus stakeholders cannot benefit, anyhow, from the recent advances in the content of audit reports [27].…”

Risk-Based Approach for Selecting Company Key Performance Indicator in an Example of Financial Services

“…The state of the enterprise or its processes can be objectively measured at any time if we consider a particular case of digital transformation, where all aspects of the business have undergone such a transformation and the entire business cycle is in the digital space [15][16][17]. This is because all indicators of such an enterprise at any given time are digitized and accessible.…”

Study on Financial Ratio Analysis of A Food Industry Company

“…A ratio is a mathematical number calculated as a reference to relationship of two or more numbers and can be expressed as a fraction, proportion, percentage and a number of times. When the number is calculated by referring to two accounting numbers derived from the financial statements, it is termed as accounting ratio [1][2][3][4]. The systematic use of ratios to interpret the financial statement so that the strengths and weaknesses of a firm as well as its historical performance and current financial conditions can be determined [5].…”