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Description Of The Different Mistakes Made By The Auditors When They Draft Audit Reports. A Study Applied To The Galician Companies

Author

Listed:
  • Mareque Álvarez-Santullano, Mercedes
  • López Corrales, Francisco Javier

Abstract

The audit report of annual accounts must follow the specific format and terminology contained in the Technical Standards on Auditing to fulfill its purpose, which involves the expression of professional opinion on the content of annual accounts by the auditor. This work analyzes the errors contained in the audit reports of a representative sample of Galician companies, from 2004 to 2007. The observation has allowed us to conclude that the reports do not contain an unqualified opinion are those with more errors. These errors are mainly in the comparability paragraph, in the qualified paragraphs and in the opinion paragraph of the report. In addition, we found that the auditors are individual practitioners who make more errors, an issue that we believe of interest to users of the reports to the Institute of Accounting and Auditing (ICAC), principal in charge of quality control.

Suggested Citation

  • Mareque Álvarez-Santullano, Mercedes & López Corrales, Francisco Javier, 2012. "Description Of The Different Mistakes Made By The Auditors When They Draft Audit Reports. A Study Applied To The Galician Companies," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 21(2).
    • Handle: RePEc:sdo:regaec:v:21:y:2012:i:2_7
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