A study of uncertainty expressions in Australian accounting and auditing standards

Title: A study of uncertainty expressions in Australian accounting and auditing standards
Creator: Psaros, Jim; Patel, Chris; Warnakulasuriya, Shriyanie
Relation: Pacific Accounting Review Vol. 15, Issue 2, p. 1-28
Publisher Link: http://dx.doi.org/10.1108/eb037972
Publisher: Emerald
Resource Type: journal article
Date: 2003
Description: Australian auditors' interpretation of selected key uncertainty expressions, such as virtual certainty, expected, reasonable assurance and possible, contained in Australian accounting and auditing standards is examined. Auditors demonstrated a reasonably high degree of variability in the interpretation of uncertainty expressions. In view of the proliferation of uncertainty expressions within international and Australian accounting and auditing standards, this lack of consistency in interpretation of uncertainty expressions raises some serious concerns. Compared with the less experienced auditors, the more experienced auditors demonstrated greater variability in their interpretations of uncertainty expressions. Contrary to expectations, the study did not find any difference in judgments between auditors in Big 5 and non-Big 5 firms.
Subject: statistical analysis; accounting standards; auditing standards; accounting interpretations; auditing interpretations; Australia
Identifier: uon:3038
Identifier: http://hdl.handle.net/1959.13/32441
Identifier: ISSN:0114-0582
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