1993 Fiscal Year Final Research Report Summary
Problems of Auditing Standards and its Future Reform
| Project/Area Number |
04301085
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| Research Category |
Grant-in-Aid for Co-operative Research (A)
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| Allocation Type | Single-year Grants |
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| Research Field |
Accounting
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| Research Institution | Kobe University |
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Principal Investigator |
TAKADA Masaatsu Kobe University, School of Business Adm.Professor, 経営学部, 教授 (60030706)
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| Co-Investigator(Kenkyū-buntansha) |
MORITA Yoshihisa Osaka Gakuin Univ., School of Commerce, Professor, 商学部, 教授 (20088727)
ISHIDA Saburo Kwansei Gakuin Univ., School of Commerce, Professor, 商学部, 教授 (30098248)
TOMOSUGI Yoshimasa Mie University, School of Humanities, Professor, 人文学部, 教授 (60085074)
TSUDA Hideo Wakayama University, School of Economics, Professor, 経済学部, 教授 (30155387)
HIDA Nobuo Chuou University, School of Commerce, Professor, 商学部, 教授 (90083633)
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| Project Period (FY) |
1992 – 1993
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| Keywords | General Standards of Auditing / Auditing Standards of Field Work / Reporting Standards of Auditing / Financial Statements Audit / Statements of Audit Standards / International Standards on Auditing / Audit Rish Based Approach / Emphasis Matters |
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| Research Abstract |
We took up, as an object of our study, the contents of the Auditing Standards amended and announced by the Business Accounting Deliberation Council in December 1991, and investigated some key concepts, especially audit risk based approach, relationship between misstatement and frauds, emphasis matters in audit reports, analytical procedures, going concern audit, and examination of internal control. We also compared the Auditing Standards in Japan to the Statements of Auditing Standards in the United States and International Standards on Auditing, and groped for te future improvement of the Japanese Auditing Standards.
We conducted a questionnaire research to get the information of perception by the member of related parties regarding the above mentioned newly amended Auditing Standards. The questionnaires sent to five parties : client companies, certified public accountants, researchers of auditing, institutional investors and individual investors. Each parties consisted of 250 examinees. We got the following fact findings from this research. First, enlightenment education about auditing system is essential toward the individual investors. Secondly, publication of exposure drafts is requested before the Japanese Institute of Certified Public Accountants establishes the practical guidelines of the Auditing Standards. Thirdly, users of audit reports have the strong expectation to the detection of misstatements and illegal act by the independent auditors. Lastly, the dual responsibility principle of auditing between management and auditors is not understood sufficiently in the context of management letters or emphasis matters in audit reports.
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