Kommende reguleringstiltag og disses indflydelse på revisors rapportering i forhold til børsnoterede selskaber ved betydelige usikkerheder, herunder specifikt betydelig usikkerhed for fortsat drift

Danny Krath Knudsen & Simon Rejnhold Jensen

Student thesis: Master thesis


The financial crisis combined with users’ request for an auditor’s report that is informative and provides better support in terms of navigating the more and more complex annual reports have started a debate about the auditor’s report which has resulted in IAASB’s proposal for an improved auditor’s report. The objective of this thesis is to describe an analyze management’s and the auditor’s reporting within and outside the framework of the annual report in accordance with both applicable and future regulatory measures. The thesis focuses on the auditor’s reporting in the form of the auditor’s report and how this will change based on future regulatory measures, including IAASB’s proposal for an auditor’s report. Specifically the thesis concerns auditor’s reporting on significant uncertainties, including specific uncertainties for going concern. The thesis touches on current regulatory measures according to which management’s and the auditor’s reporting is regulated by the International Standards on Auditing (”ISA”) as well as national legislation and orders in Denmark, including the Danish Executive Order on Approved Auditors’ Reports and the Danish Act on Approved Auditors and Audit Firms. According to this regulation, management is responsible for using the annual report for reporting through management’s review and management’s statement as well as outside the annual report through management’s letter of representation. The auditor’s responsibility in connection with audit of the financial statements is to express an opinion on the financial statements in the auditor’s report. The thesis describes the regulatory measures being debated as we speak. Accordingly, the European Commission is discussing several new measures in terms of content of both the auditor’s report and the auditor’s reporting to management, which in Denmark corresponds to the long-form audit report. Based on the European Commission’s regulation and comprehensive investigations, IAASB has prepared a proposal for an auditor’s report which IAASB believe is to become a strong asset for the users of financial statements in understanding the financial statements and the audit of these. IAASB’s proposal for an auditor’s report is far more extensive than the current auditor’s report in accordance with ISA 700, including matters about going concern, basis for opinion, a substantial use of emphasis of matter and other matters, and a thorough description of auditor’s responsibility. The thesis analyzes the differences between the auditor’s report in accordance with ISA 700 and IAASB’s proposal for a new auditor’s report. In this thesis we will use IAASB’s proposal for an auditor’s report on three listed companies and analyze and conclude on the differences compared to the auditor’s report in accordance with ISA 700 as presented in the annual reports.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2012
Number of pages128