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The Auditor’S Report On Internal Control & Fraud Detection Responsibility: A Comparison Of French And U.S. Users’ Perceptions, Benjamin P. Foster, Guy M. Mcclain, Trimbak Shastri

Faculty Scholarship

The AICPA recently finished a harmonization project to converge U.S. audit standards with those of the International Audit and Assurance Standards Board. The assumption implicit in this project is that users of financial statements will benefit from a converged, or consistent set of audit standards. Additionally, the AICPA’s clarified auditing standard AU-C700, Audit Conclusions and Reporting, now requires explicit acknowledgement of the auditor’s responsibility for fraud procedures in the auditor’s report, which is the focus of advisory committees in both the U.S. Department of Treasury and the European Commission. Therefore, the purpose of this study is to investigate how users …