Economics, Econometrics and Finance
5 years ago

Audit reports reveal high modification rates, impacting reliability of financial data.

Accounting and Finance
Forms to Express an Independent Auditor's Opinion according to the Results of Compulsory and Initiative Audit in Ukraine
Viktoriya Fabiianska

Paper Summary

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The article explores how audit reports are prepared and how they reflect an independent auditor's opinion on a company's financial data. It looks at the differences between compulsory and initiative audits and how they can affect the auditor's opinion. The study examines international standards for audit reports and the concept of modified versus unmodified opinions. It also discusses the reasons for including explanatory paragraphs in audit reports. The research found that compulsory audits tend to result in more modifications to the auditor's opinion, mainly due to the high standards set by audit firms for these types of audits.