What question did this study set out to answer?

This analysis aims to evaluate the feedback from the 1987 Exposure Draft concerning the new audit report standards.

June 15, 2026

The New Audit Report: An Analysis of Exposure Draft Comments.

MGMarshall A. GeigerAustralian National University

Key Points

This analysis aims to evaluate the feedback from the 1987 Exposure Draft concerning the new audit report standards.
Examined responses to the 1987 Exposure Draft released by the Auditing Standards Board.
Compared preliminary proposals with final wording in the adopted SAS No. 58.
Identified concerns raised by respondents and their resolutions in the final SAS.
The Exposure Draft was generally favorably received by the respondents.
Specific wording concerns were largely addressed in the final SAS.
The analysis indicates a positive reception towards the proposed changes.

Abstract

Abstract Recently the Auditing Standards Board (ASB) adopted Statement on Auditing Standards (SAS) No. 58, "Reports on Audited Financial Statements," requiring new standard audit report wording. As part of their standard-set- ting due process, the ASB released an Exposure Draft (ED) in 1987 setting forth its preliminary proposal to modify the existing standard audit report wording in use since 1948. This paper examines the responses to the 1987 ED that precipitated the final SAS. The analysis indicates that the ED was generally favorably received and that the specific wording concerns of the respondents were substantially resolved in the final SAS.

Ask AI

Helpful

Bookmark

View Full Paper