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The main factors affecting the quality of the external audit in the UK - Dissertation Example

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Introduction Yearly external audit is a statutory requirement under which all limited companies are required to allow independent auditors to comment on the true and fair nature of the financial statements prepared by them. Independent auditors are not only required to perform the external audit thus checking whether the financial statements are prepared according to the established accounting standards and procedures but are also required to ensure that they are free from any material error and may not result into a wrong judgment by the investors…
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The main factors affecting the quality of the external audit in the UK
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Download file to see previous pages This therefore requires an improvement in the quality of the external audit and how it can be improved in order to ensure that the external audit could help to safeguard the interests of different stakeholders. This topic is important in the sense that it can help to identify, within specific context of UK, some of the factors which can contribute towards improving the quality of the audit. Investors and shareholders can be more assured about the overall credibility of the audit and what factors they can look into when assessing the overall quality of the audited financials. Researcher aims to explore the overall nature and the extent of factors affecting the quality of the external audit. On a broader level, this research study will explore different concepts related with the quality of the audit, identification of different methods which are used to improve the quality of external audit as well as the quality and nature of the impact of such factors on the overall quality of the external audit in UK. ...
(Causholli & Knechel, 2009) As such when a conflict of interest arises between agent and the principal, agents may take actions which may not be entirely in the best interests of the principals. In order to narrow that gap, a financial reporting mechanism is prepared which is duly supported by the independent external auditors to ensure that the financial reporting made by the management is free from errors and frauds. The overall concept of audit quality therefore is linked with how well the function of external audit is successful in highlighting and detecting material errors in the financial statements while at the same time reduce the information asymmetry between the shareholders and management of the firm. Underlying the concept of external audit is also the reduction of the information asymmetry between the shareholders and the management of the firm. Preparation of financial statements is one of the key functions management has to perform in order to inform the shareholders and other stakeholders about the overall performance of the firm during given period of time. As such, it is through the financial statements that the management informs the shareholders regarding the overall quality and effectiveness of the management as the same has to translate into better financial position and profitability for the firm. Reducing the information asymmetry therefore can further improve the credibility of the financial statements but also provide a third party endorsement that the financial statements are prepared in true and fair nature. The concept of Audit quality and factors affecting it Audit quality is one of the much ...Download file to see next pagesRead More
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