Social audit failure: Legal liability of external auditors

Chapple, Larelle & Mui, Grace Y. (2015) Social audit failure: Legal liability of external auditors. In Rahim, Mia Mahmudur & Idowu, Samuel O. (Eds.) Social Audit Regulation. Springer, Switzerland, pp. 281-299.

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Abstract

In this chapter, we look at the step beyond reporting, to the external audit or assurance function. The role of any audit engagement is to provide a professional opinion on a set of financial or non-financial assertions reported by an organization's management, based on an agreed evaluative framework. Any such opinion is not a guarantee that the underlying report is free from fraud or misstatement. Where an audit opinion on financial statements is incorrect, this is referred to as an audit failure. Specifically, the textbook definition of audit failure has two components: that the financial statements contain a serious error and that the auditor has failed to detect the error due to the auditor's failure during the audit process.

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ID Code: 91158
Item Type: Book Chapter
Keywords: Social Audit, Social Audit Regulation, External Audit, Legal Liability
DOI: 10.1007/978-3-319-15838-9_14
ISBN: 9783319158389
ISSN: 2196-7075
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2015 Springer
Deposited On: 14 Dec 2015 05:52
Last Modified: 17 Jan 2016 22:13

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