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Common themes/findings across the four articles

What Is The Different Themes Findings Across Four Articles?

Auditing is very important in the case of analysing the financial risk of an organization. This can be sad that auditing system is a crucial system for preventing the financial errors and identifying the misstatements in the organisation's report and record. In this study, four articles have been reviewed for analysing the key changes in an audit report, which are required for organizational development. In an article named ‘Enhanced auditor's reporting,' it has been identified that auditing standard has changed. It has been mentioned in this article that by following the assurance standards Board, the organizations will be able to apply this in the workplace (Ernest and Young 2016). As its result, the audit will be more informative and transparent in order to deal with the issues.

The second article which has been reviewed in this study has mentioned about revising the existing assurance board proposals in the organization (Auditing and Assurance Standards Board 2015). Enhancement is auditing report a critical process, in which depending on the existing financial crisis and risk, the future reports are being released. The enhancement report not only being introduced for introducing the financial report but also it is being introduced for analysing the quality of financial reporting in an organization. Depending on the judgement of the auditor, the person the significance of those financial statements audits to the higher authority. In this situation, this can be said that depending on the characteristics of auditors the audit report may vary. In this article, the standards which have been mentioned are ASAs 220, 210, 510, 230, 580, 710 and 600 (Auditing and Assurance Standards Board 2015).


In the third article named ‘Understanding Audit quality: Insights from Audit Professionals and Investors' it has been identified that in an audit firm, measures and evaluation of audit quality are the important agendas of the auditing standards setters. In this study, the quality of audit in PCAOB has been highlighted. It has been identified in this study that the audit quality influences the input process of an organization. It has also been mentioned in this study that quality of the auditor is very important in the case of analysing the auditing quality. Different audit quality indicators have been identified in this study, by The Public Company Accounting Oversight Board (Christensen et al. 2016). This has also been mentioned in this study that these qualities have the higher level of impacts on the internal and external management of the company. 

Different themes/findings across the four articles

The fourth article named ‘Do Critical Audit Matter Paragraphs in the Audit Report Change Nonprofessional Investors' Decision to Invest?’ the author has tried to shed light on the changes in the standard audit report, which has been recently changed. It has been mentioned in this study that both the international and US standard setters have brought these changes in the case of critical audit matter and recruitment. In this study, it has been shown the reaction of nonprofessional investors towards the audit report. Depending on the audit reports, the investors have decided to bring the changes in their financial decisions (Christensen, Glover and Wolfe 2014). In this article, the author has also tried to highlight the importance of critical audit matter. This has been identified that through this process, the benefits of the financial statements are being clarified to the investors. On the other hand, this has also been mentioned in this article that Critical audit matters impact on the financial users in an organization.

After analysing the four articles, this has been identified that in the current business scenario, it has very important for the organizations to develop proper financial management in an organization. On the other hand, it has also been identified that through auditing the present fair financial view of an organization is being analysed. Therefore, from all the articles it has been identified that audit report is very important in the case of analysing the future financial risk of a company. From the first two articles it has been identified that for bringing the auditing standard, different auditing standards have been introduced, which can play an important role in the case of developing the informative and transparent report in the organization. In the first article it financial auditing has done depending on the Assurance Standards Board. In the second articles, new standards have been introduced, which can play an important role in the case of bringing organizational transparency.

In the case of third and fourth articles, it has been identified that quality of the audit is very important in the case of influencing the decision of the investors in the organization. It has also been identified in this study that the quality of audit highly influences the external and internal reports of the company. Depending on the quality of auditing, sometimes the investors change their decision regarding financial budgeting. On the other hand, in the fourth article, the Critical Audit has been highlighted. In this article, the author has also discussed that how the auditing process influences the nonprofessional investors in the company. Therefore, this can be said that both of the articles have discussed the significance of financial auditing in the case of bringing the future financial changes and investments in the organization.

The managerial implication of the four articles

 The major difference between the first and second article is the first article has developed depending on the existing financial standards. On this article, the author has discussed the modification of articles in the organization. On the other hand, in the case of the second article, the author has developed the financial auditing strategy depending on the reversed standards. The major differences between the third and fourth articles are, in the third article the quality of auditing has been highlighted. Here the quality of audit has been highlighted as the important part of financial reporting. On the other hand, the fourth article mainly focuses on the investors and influencing factors, which impacts on their financial decision making process. 

In the above four articles, it has been mentioned that financial auditing has a higher level of impact on the business environment. In the first article, the changes which have been already proposed in the business industry have been mentioned. It has also been analysed by the author if the existing organizations will be able to introduce the Assurance Standards Board, it will be helping the organizations to make the audit process more clear. This has also been analysed that by maintaining the proper standards, the audit result can be made more informative and transparent. Therefore, this can be said that it will be helping the organizations to get the fair financial report. In the second article, the author has highlighted various standards, which can be helpful for the organizations, in order to bring the advanced audit method in the workplace. Through the process, the organization will be able to manage financial auditing process more efficient for analysing the future risk. From the third article, the quality of audit has been analysed. It has shown that how the importance of audit quality influences the business environment. In this article, this has also been mentioned that depending on the individuals' judgements the audit report can be changed. After analysing the entire article, this can be said that if the quality of the audit is being maintained in the organization, it will be able to provide the fair financial report of the organization, depending on which the financial budgeting process can be improved. The fourth article is very important in the case of analysing the Critical Audit Matter; this can be said that this will be playing an important role in an organization in order to convince the investors' financial decisions. Depending on the appropriate audit process, the internal financial condition of an organization can be analysed. Therefore this can be said that if the organizations focus on developing proper financial statement, this will be helping in the case of bringing organizational development.

In this study, the major limitations, which have been analysed are all the articles have discussed the issues depending on the global industry. Although these matters are very important in the organization, if the financial situation of every organization is being analysed, it will be identified that the financial report of the organizations can vary. Therefore this can be said that these practices cannot be applied to every organization. Therefore if the articles would be specified, it will be helping for the organisations to understand of these can be applied for their workplace or not. Although different financial standards have been mentioned in the second article. But the process of application needs to be more clear. Of the third article would be discussed the influential elements to increase the audit quality, it would be more helpful for other organizations. However, the articles have several limitations, but this cannot be denied that the articles have shown the way of financial auditing improvement in the business organizations. By following these, the organizations will be able to achieve its goals and objectives.

Reference list

Auditing and Assurance Standards Board 2015 AUASB invites comments on Exposure Draft 01/15 – enhancements to auditor reporting

Christensen, B.E., Glover, S.M. and Wolfe, C.J., 2014. Do critical audit matter paragraphs in the audit report change nonprofessional investors' decision to invest?. Auditing: A Journal of Practice & Theory, 33(4), pp.71-93

Christensen, B.E., Glover, S.M., Omer, T.C. and Shelley, M.K., 2016. Understanding audit quality: Insights from audit professionals and investors. Contemporary Accounting Research, 33(4), pp.1648-1684.

Ernest and Young 2016 Enhanced auditor’s reporting Assurance – Special editio

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