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9:52 W Assignment Details ACCT404_03SP20 SENIOR SEMINAR IN AC... Jan 29 at 07PM Submission Types File Upload Allowable File Types doc, docx, txt, pdf Submission & Rubric Description Mandatory reporting in the form of the annual report with audited financial statements has been used by incorporated entities since the mid 19th century. Discuss if this mode of reporting is still relevant in modern times and can this be substituted by quarterly or semi- annual reports (on an audited basis). Discuss why these alternatives may be possible today and why they have not been incorporated as requirements by the standard-setters. Your 2-3 page report (1" margin all-around, 11 pt Times Roman font, double-spaced) is due on or before January 29,7 pm. Submit Assignment

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Answer 1

his paper examines the historical development of the standard auditor’s report in Canada, from the 19th century to the present. It is natural that the wording of the auditor’s report should have changed over this period and, no doubt, further changes will occur in the future. The auditor’s report has been used for a variety of purposes. In the last half of the 19th century, its primary goals were the verification of managerial stewardship and the detec- tion of fraud. Today, the auditor’s report lends credibility to corporate and government financial statements, reduces the asymmetry of information for users of audited financial statements, and helps investors to make investment decisions. The report has been used to stimulate changes in professional practice and to influence auditor’s legal liability. This study traces the evolution of the auditor’s report in Canada and identifies the events and circumstances in the United Kingdom and the United States that led to changes in reports over the years. To develop a framework to explain some of these changes, we
This study examines the historical development of the auditor’s report in Canada. The auditor’s report has been significantly influenced by British and U.S. legislation and prac- tices. The English Joint Stock Companies Act of 1844 required compulsory audits and the British audit report was introduced in North America shortly after the introduction of this Act. The legislature prescribed an audit but it did not determine the form and content of the auditor’s report; these were left to the individual practitioner. The British influence was strong in Canada up to the 1930s. However, from this time onward, the U.S. influence began to grow. The impact of the landmark case of Ultramares v. Touche on third-party liability and consequent change in the auditor’s report is analyzed. The paper uses institutional the- ory to explore reasons for the similarities of the auditor’s report under British influence and under American influence. Specifically, the paper examines how the mechanisms of mimetic, coercive, and normative isomorphism led to institutional change in the accounting profession as organizations adapted their auditors’ reports to achieve greater legitimacy. Keywords American influence; British influence; Historical development; Institutiona

COMPANY ACCOUNTS AND AUDIT442 THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 7.3 REPORTING REQUIREMENTS UNDER COMPANIES ACT, REPORT Vs. CERTIFICATE, CONTENTS OF THE REPORTS & QUALIFICATIONS IN THE REPORTSCOPE, BASIC ELEMENTS AND SIGNFICANCE OF AUDIT REPORT Concept & DefinitionsWhile conducting every audit auditor has to go through three phases● Preliminary work for audit.● Conduct of actual audit, and● Conclusion of audit, which means submission of Audit Report.Therefore, Audit Report is called as the ultimate and final product of every audit.The meaning of Audit Report can be well understood from the following selected definitions.Lancaster – “A Report is a statement of collected & considered facts, so drawn up as to give clear and concise infor-mation to persons who are not already in possession of the full facts of the subject matter of the report.”J. B. Ray – “The Report shall either contain as expression of opinion regarding the financial statements, taken as a whole or an assertion to the effect that an opinion cannot be expressed when an overall opinion cannot be expressed, the reason therefore should be stated. In all cases, where auditor’s name is associated with financial statements the report should contain a clear cut indication of the character of the auditor’s examination, if any, and the degree of responsibility he is taking.”In short, the Audit Report is nothing but a statement of observation gathered & considered while proving conclusive evidence of company’s financial position. It is a medium through which an auditors expresses his opinion on the financial statement under audit. It is an important part of the audit as it provides the results of the audit conducted by the auditor.