En analyse af om Revisionsstandard 315 er implementeret af de danske revisionsselskaber i praksis

Abstract

This thesis purpose is to revile whether the auditing standard RS 315 is implemented in the way auditors work in practice. To solve this theory from COSO, RS 315 and KPMG methodology was reviewed. Further more the thesis also involves several interviews with auditors within state authorized audit firms. Not all interviewed persons was state authorized auditors, but all knew about auditing in practice and how the firm they worked for had incorporated the audit standard RS 315 into their systems and how it was expected to be used in their daily work. The interviewed persons/firms was divided into three categories: big four, medium firms with more than five state authorized auditors per office and small firms with less then five state authorized auditors per office. The split was made in order to make it easier to compare the statements. The thesis concludes that auditing according to the new audit standard RS 315 is changing. Auditors now have to increase the understanding of the entity they audit in order to detect misstatement in the financial statement. It is a risk based understanding of the entity. The auditor will collect information and documentation both internal and external to understand the entity and how the financial statement is composite. It is with this understanding the auditor can detect the risk of material misstatement and what procedures to be applied to assess the risk. Also within every audit procedure the auditor will gather information and here he has to consider if it changes the earlier assessed risk. The thesis concludes that the audit firms have implemented the audit standard RS 315 into their working systems. There where many different systems in the audit firms, but all have the same purpose, to ensure the auditor reviews every element in the standard. Some firms had two systems, due to the different size in the entities they audited. They all agreed on the problems using RS 315 on small firms, who have no internal control, no written code of conduct, no written office procedure etc. Going through all the elements from RS 315 on small firm is too much. Even though RS 315 was implemented in the systems didn’t meant that the auditors has taken the new way of auditing within their daily work. It is still possible to audit a entity the same way as the “old days”. The problem is if the auditors do not understand the entity as the standard writes, there will be elements that won’t be taken into account which can affect the risk of material misstatements and the going concern principle.