Abstract
This master thesis examines how IAASB’s current projects should affect the National Audit Office of Denmark’s work. Evidence is provided from two semi-structured interview and document analysis. In 2017, the National Audit Office of Denmark introduced a new set of standards on publicsector auditing, “Standarderne for Offentlig Revision (SOR)”. The standards define the requirements that auditors must comply with to carry out audits in accordance with good public-sector auditing practices as prescribed by law. SOR are based on and consistent with the International Standards of Supreme Audit Institutions (ISSAI). ISSAI are made by the International Organization of Supreme Audit Institutions (INTOSAI). INTOSAI uses IAASB’s Financial Audit Standard directly, which means that the ISSAI concerning Financial Audit are equal to IAASB’s standards on financial auditing. The analysis was split into two parts. The first part analysed how the update of the 3 standards affects the work of the National Audit Office of Denmark. This analysis showed that the National Audit Office of Denmark has implemented large parts of the ISA, but that there were several places where the National Audit Office of Denmark described the audit actions on an overall level, rather than on a more specific level, which ISA requires. IAASB’s current projects should therefore affect the National Audit Office of Denmark by making changes to their standards. The second part of the analysis examined the jurisdiction of the National Audit Office of Denmark, and how the National Audit Office of Denmark was affected by the private-sector auditing. This analysis showed that the National Audit Office of Denmark had competition for its work regarding the financial audit of financial statements. The competition stems from the fact that the National Audit Office of Denmark uses the same standards as private-sector auditors in connection with financial auditing, which is why the National Audit Office of Denmark may find it difficult to maintain its jurisdiction regarding the financial audit. The overall conclusion of the thesis is that IAASB’s current projects should have a significant impact on the National Audit Office of Denmark.
Educations | MSc in Auditing, (Graduate Programme) Final Thesis |
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Language | Danish |
Publication date | 2022 |
Number of pages | 122 |
Supervisors | Kim Klarskov Jeppesen |