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The impact of Revised ISA 700: an international empirical comparison

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  • Hamadi Fakhfakh
  • Mondher Fakhfakh

Abstract

This article presents a descriptive and analytical study of the audit reports harmonisation phenomenon initiated by supranational organisations, such as the IFAC and the European Union. These organisations played a very significant role in the modelling and the alignment of the practices of external revision made by the certified public accounts. The new revised standard on the auditor's report proposes a new wording of the auditing opinion to the accounting professionals and the users of the financial statements. This international normative proposal is rather ambitious and aims at reducing the informational asymmetry and transaction costs, which impede communication between the independent auditors and the companies' stakeholders such as multinational firms, international accounting firms and investors.

Suggested Citation

  • Hamadi Fakhfakh & Mondher Fakhfakh, 2010. "The impact of Revised ISA 700: an international empirical comparison," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 6(2/3), pages 274-326.
    • Handle: RePEc:ids:ijaape:v:6:y:2010:i:2/3:p:274-326
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    Cited by:

    1. Haapamäki, Elina & Sihvonen, Jukka, 2019. "Research on International Standards on Auditing: Literature synthesis and opportunities for future research," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 35(C), pages 37-56.
    2. Mondher Fakhfakh, 2016. "Understandability of unmodified audit report on consolidated financial statements: A normative and advanced study of the international normalization," Cogent Business & Management, Taylor & Francis Journals, vol. 3(1), pages 1258134-125, December.

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