In 2001, the ministry of audit selective examined 32 audit reports created by 16 audit firms with the qualification to audit the stock market companies, and found that 14 audit firms subscribed 23 audit reports badly inconsistent with the facts, which made 71.43 hundred million accounting fraud.
The audit reporting serves the functions of financial supervision/control,evaluation and certification. Therefore,the correlativity between individual pertinence and individual responsibility should be considered strictly and deliberatively.
The improvement of audit reporting standard should not only enhance the report users' understanding of auditing function but also consider the demands of the public so as to harmonize public interest with profession interest.
The professional interpretation, however, has been a narrow rules-oriented approach focusing on identifying fraudulent financial reporting and on traditional views on the nature and scope of the audit report.
The efficacy of very long-chain fatty acid analysis in the diagnosis of peroxisomal disorders: an audit report
Audit Report of Water and Wastewater Services in Ignalina Municipality.
Abnormal stock returns of the firms that received a going concern audit report measure the relevance of the information to the investors.
Abnormal stock returns around the audit report date is investigated by applying the risk adjusting methods based on stock market information.