Enhancing Audit Quality: Auditor reporting model (September 2012)

In August 2012, the Auditor Reporting Working Group (ARWG), one of three working groups comprising the Enhancing Audit Quality (EAQ) initiative, issued the discussion paper Enhancing Audit Quality: Canadian Perspectives — The Auditor Reporting Model.

The objectives of the paper were to:

• develop a sound conceptual approach for a consistent analysis of different proposals
• challenge the status quo while recognizing the key elements that make existing Canadian auditing strong
• help inform and engage stakeholders in the global debate
• present a balanced view of the ARWG’s findings

You will learn about:

• the views of the ARWG on global proposals
• the connection between the auditor’s report and audit quality
• the development of a structured framework that addresses expectation and information gaps and other considerations for proposal evaluations
• additional information needs in the areas of:
  • providing additional information through auditor commentary
  • going-concern assessment
  • the auditor’s responsibilities for other information included in audited financial statements
  • clarifications and transparency in the audit process
  • expanding auditor assurance information beyond the financial statements