This thesis contributes to new knowledge on how extended review will have an impact on the accounting profession and whether the accounting profession should be satisfied with the extended review. The thesis is based on the analysis of seven semi-structured interviews from companies in accounting class B and the accounting profession. Companies in accounting class B are interviewed in order to gain knowledge about whether they will adopt the use of the extended review. The more successful the extended review will become the greater the chance that it will affect the accounting profession. According to interviews with CEOs from three companies, they all have a great interest in the extended review. Two of them require acceptance from intended users of their financial statement before they can carry out a decision whereas the third is ready to change assurance engagement from the financial year of 2015. Compared to statistics, only 6% opted for extended review. The tendency from previous exemptions shows that the implementation increases with increased knowledge. Based on this, I asses that extended review will affect the accounting profession. The extended review will have positive consequences on the accounting profession by maintaining auditor as the intermediary of confidence in relation to previous exemptions. State-authorized accountants are maintained industry-wide as the extended review is equivalent to an audit while profit is maintained due to the smaller amount of work performed by auditor and lesser requirements to documentation. In addition, the accounting profession is becoming more dynamic, as it adapts to the accounting and assurance needs of the users and therefore offers differentiated services. Finally, the auditor's role as a representative of the public is maintained as long as the auditor follows the declaration standards. Regardless of the positive consequences, I can conclude that the accounting profession should not be satisfied with the quality of the extended review. I do not consider the quality of the extended review as something that meets the expectations of the users due to the four supplementary procedures. The level of assurance is too low in comparison to an audit, and the public expects quality services from the accounting profession, which I do not find extended review delivers. In turn, the accounting profession can be satisfied with the profit, as extended review can help to maintain a healthy profit compared with the extensive requirements of auditing standards and the prospect of further exemptions. Conclusively, in spite of the positive consequences on the accounting profession, I asses extended review needs quality improvements.
|Uddannelser||Cand.merc.aud Regnskab og Revision, (Kandidatuddannelse) Afsluttende afhandling|