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The Extended Audit report

Globally, we are at the start of the conversation for extended auditor reporting with revised and new auditor reporting ISAs implemented for accounting periods ending after 15 December 2016.

Extended auditor reporting was implemented successfully in the UK in 2013. Since 2013, it is interesting to note how far the UK has come: from the short, boilerplate, uninformative report to the extended report covering the Key Audit Matters over a number of pages. However this is a fragile achievement and everyone involved needs to continue to support informative auditor reporting. All this represents a significant challenge for the profession. There is a real risk of failure, but the prize is worth striving for: clear communication of the value and relevance of auditing.

Extended audit report Risks by sector

Business Services

The number and type of risks disclosed in extended audit reports by sector

Percentage of companies reporting specific risks

Percentage of companies reporting specific risks
Contracting Construction

Number of risks discussed in the audit report

 

Percentage of companies reporting specific risks

 

Percentage of companies reporting specific risks

Investment Management

Number of risks discussed in the audit report

Percentage of companies reporting specific risks

 

Percentage of companies reporting specific risks

Manufacturing

Number of risks discussed in the audit report

 

Percentage of companies reporting specific risks

 

Percentage of companies reporting specific risks

Real Estate

Number of risks discussed in the audit report

 

Percentage of companies reporting specific risks

Percentage of companies reporting specific risks

 

 

Retail

Number of risks discussed in the audit report

 

Percentage of companies reporting specific risks

 

 

Percentage of companies reporting specific risks


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