Fundamental or Enhancing Roles?: The Dual Roles of External Auditors and Forensic Accountants

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Author(s): Marianne Ojo (George Mason University, USA)and James A. DiGabriele (Montclair State University, USA)
Copyright: 2017
Pages: 20
Source title: Value Relevance of Accounting Information in Capital Markets
Source Author(s)/Editor(s): Marianne Ojo (George Mason University, USA)and Jeanette Van Akkeren (QUT School of Accountancy, Australia)
DOI: 10.4018/978-1-5225-1900-3.ch004

Keywords: Accounting & Finance / Accounting and Finance / Business & Management / Business Science Reference

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Abstract

In view recent developments which have resulted in the replacement of attributes of relevance and reliability with a new categorization of fundamental qualitative characteristics of accounting information and enhancing qualitative characteristics of accounting information, this chapter is aimed at highlighting why the roles of audits – and particularly accountants and auditors still serve as fundamental, vital and crucial means of verifying financial statements – such that these can be reasonably relied upon by investors in financial and capital markets. Fundamental qualitative characteristics of accounting information are categorized into relevance and faithful representation – a change from the IASB's 1989 framework. The enhancing qualitative characteristics of accounting information now comprise verifiability, understandability, comparability and timeliness. This chapter is aimed at highlighting why such enhancing characteristics could be regarded as fundamental qualitative characteristics.

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Fundamental or Enhancing Roles?: The Dual Roles of External Auditors and Forensic Accountants

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