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MARC commissioned research project: A Framework for Extended Audit Reporting
8 August 2011
MARC was commissioned by ACCA (the Association of Chartered Certified Accountants), which is the global body for professional accountants, to perform a study on extended audit reporting. While audit reporting has a long history, the financial crisis has been the trigger for regulators and standard setters to revisit the audit report and enhancing its value (e.g., IOSCO 2009, EC 2010, IAASB 2011, PCAOB 2011).
The specific objectives of the study were to: (1) develop a framework for extended audit reporting based on a review of the literature on possible additional disclosures in the audit report and possible audit reporting formats; and (2) validate this framework based on discussions with a limited number of stakeholders (users and auditors) to develop an agenda for future research. The study was performed during the period March – June 2011. A copy of the report can be downloaded here.
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