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This study examined the effect of the new longform auditor's report on users' perceptions of the auditor's role in financial reporting in Australia. One hundred and eighty financial report users took part in the study, including 60 senior bank lending officers, 60 investors and 60 non‐investors with business backgrounds. The results of the study indicated that the changed wording of the longform audit report advocated in the revised Statement of Auditing Practice AUP 3 The Audit Report on a General Purpose Financial Report, issued in July 1993, significantly increased users' understanding of the role of the auditor, the nature of the audit process and the financial reporting process.
Gay et al. (Mon,) studied this question.