Koncernrevision efter ISA 600

Lykke Camilla Petersen & Daniel Ravn Høier

Student thesis: Diploma thesis

Abstract

A financial reporting has to present the correct picture of a company’s financial statement and financial results. To secure the correct picture most of the Danish companies are forced to have their financial reporting approved by a registered auditor. When the world is changing, the companies are changing and along with them their reporting and as an answer to that the auditing is changing to. This means that the International Auditing Standards also have to change from time to time, in order to keep being up to date with the performed audits and the expectations and queries from the stakeholders. It was our main these that the International Auditing Standard ISA 600 is about ready for an update. To investigate whether this is correct we initially wished to explain how the current ISA 600 is formed and how auditing is practically performed based on this standard. In the meantime, of us working on this assignment IAASB has initiated a data collecting process where they try to get in touch with the members to find out how to update the standard. This confirms in some way our main these that there was a need for an updating. We have tried to get some firsthand witnesses on how the current ISA 600 is to work with, in order to deduct if the challenges listed in the outreach from IAASB are the only challenges in the current standard. We have gathered these firsthand witnesses through interviews with two registered auditors working with companies under ISA 600. The result of these interviews was some good input and ideas for further processing in our analysis and assessment.In our analysis of the standard we have looked into the outreach by IAASB and used the information from the interview, this revealed some challenges in the current standard which we have critically looked at in order to determine whether these challenges are so serious that they need to be revised in the current standard or not. Furthermore, we have added our own thoughts on where there is room for improvement in the current standard. As a part of our investigation we have investigated how the use of scoping has changed over the last years. To do this we used the previously mentioned interviews alongside other references in order to create a nuanced insight to this theme. Based on the analyzed challenges we have given some realistic and relevant solutions to eliminate and/or reduce the elements in the existing standard with room for improvement. After the problem handling we can conclude that the current standard is ready for an update. We can conclude that this update has to be done as a process that includes the stakeholders from the start and that this process is already started but that we have to wait for the result.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
LanguageDanish
Publication date2016
Number of pages93