Auditors refuse responsibility for 'meaningful communication' with shareholders, following APB's overhaul of audit reports
Auditors do not want the burden of ‘meaningful communication’ with shareholders added to their responsibilities.
The warning follows the Auditing Practices Board’s overhaul of audit statements, taking out boiler-plate wording. But the APB also wants to consider what information auditors could add to make reports more meaningful.
BDO audit partner Graham Clayworth said accounts ought to ‘tell the whole story. The danger with auditors putting narratives in audit reports is that these comments could be misunderstood. The views of auditors could be seen as red flags and this could lead to unintended consequences.’
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