The Audit Reporting Debate: Seemingly Intractable Problems and Feasible Solutions

Posted: 14 Apr 2012

See all articles by Ann Vanstraelen

Ann Vanstraelen

Maastricht Accounting and Auditing Research and Education Center (MARC); Maastricht University

Caren Schelleman

Maastricht University - Department of Accounting & Information Management, MARC (Maastricht Accounting, Auditing & Information Management Research Center)

Roger Meuwissen

Maastricht Accounting and Auditing Research and Education Center (MARC)

Isabell Hofmann

Maastricht University - Department of Accounting & Information Management, MARC (Maastricht Accounting, Auditing & Information Management Research Center); Financial Research Network (FIRN)

Date Written: April 14, 2012

Abstract

While the audit reporting debate has a long history, a number of recent regulatory initiatives and policy reviews increase the likelihood of change in this area. The purpose of this study is to use this momentum and examine whether there is consensus between audit report users and auditors with regard to the form and content of the audit report. This seems necessary because past audit reporting reforms have failed due to a lack of common ground. Based on interviews with users and auditors, we conclude that reaching a level of consensus seems feasible. Using these insights, we propose an alternative audit reporting model which may significantly reduce the information gap between users and auditors and improve transparency on the quality of audit practice.

Keywords: audit reporting, history, information gap, transparency, value of audit

JEL Classification: M41

Suggested Citation

Vanstraelen, Ann and Schelleman, Caren and Meuwissen, Roger and Hofmann, Isabell, The Audit Reporting Debate: Seemingly Intractable Problems and Feasible Solutions (April 14, 2012). European Accounting Review, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2039671

Ann Vanstraelen (Contact Author)

Maastricht Accounting and Auditing Research and Education Center (MARC) ( email )

P.O. Box 616
Maastricht, 6200 MD
Netherlands

Maastricht University ( email )

P.O. Box 616
Maastricht, 6200MD
Netherlands

Caren Schelleman

Maastricht University - Department of Accounting & Information Management, MARC (Maastricht Accounting, Auditing & Information Management Research Center) ( email )

PO Box 616
Maastricht, 6200 MD
Netherlands

Roger Meuwissen

Maastricht Accounting and Auditing Research and Education Center (MARC) ( email )

Isabell Hofmann

Maastricht University - Department of Accounting & Information Management, MARC (Maastricht Accounting, Auditing & Information Management Research Center) ( email )

Maastricht
Netherlands

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

HOME PAGE: http://www.firn.org.au

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