A socio-legal study on non-compliance with accounting standards and clean audit report

Nazli, Ismail@Nawang and Mazni, Abdullah and Noor Sharoja, Sapiei (2015) A socio-legal study on non-compliance with accounting standards and clean audit report. In: 4th International Conference on Law and Society 2015, 10-11 May 2015, Universiti Sultan Zainal Abidin.

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Abstract

This study aims to explore the reasons why a clean audit report was issued despite non-compliance with accounting standards disclosure requirements. To achieve this objective, a semi-structured interview was used to gather opinions of practitioners regarding the issuance of clean audit report with respect to non-compliance with accounting standards. Our interview findings indicate that materiality and true and fair view could be the answers for issuing a clean audit report despite significant non-compliance with accounting standards. The findings of this study might help regulators, standard-setters and accounting professional bodies in monitoring and safeguarding the quality of financial reporting.

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