Reference no: EM132565271

Question a. Discuss what information the Truscreen audit report provides to users that is different from the standard form of report. Why do the audit standards require that information to be included?

Question b. The Truscreen audit report also includes Key Audit Matters (KAMs). In what way do KAMs add value to the audit report? Explain why the KAM headed "Impairment assessment of definite life intangible assets" is included.

Question c. KAMs are also important in the interaction between the auditor and the audit committee. Explain the function of an audit committee and why KAMs are important to them.

Question d. Recent changes to the standard audit report were intended to address the problem of the audit expectation gap. What component of the audit expectation gap is the audit report likely to be able to address? Why is this component of the expectation gap difficult to overcome?

Question e. Changes to the auditing standards, and enforcement of them, are part of the system of co-regulation of auditing in New Zealand. Explain what co-regulation of auditing in New Zealand means.