The auditor’s report in the MILA countries
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Keywords
auditor’s opinion, financial information, international auditing standards, accounting requirements
Abstract
Purpose: To review the auditor’s reports issued by the companies based in the countries that comprise the Latin American Integrated Market (MILA, in the Spanish acronym) [Colombia, Peru, Chile, and Mexico] regarding compliance with the International Auditing and Assurance Standards for 2010–2018. Method: Qualitative research by carrying out the documentary analysis of emphasis of matter paragraphs, other matter paragraphs, and key audit matters. Results: Standard compliance was satisfactory. Standards regarding additional information were applied, even before such application was mandatory in the countries researched. Discussions: BIG 4 firms issue the highest number of emphasis of matter paragraphs, other matter paragraphs, and key audit matters, referring mainly to the adoption of standards, accounting policies, and basis for opinion. Conclusions: The other elements disclosed in the auditor’s report may affect users’ decision-making processes since they provide information users with additional information.
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Julián Zamarra-Londoño, Universidad de Antioquia, Medellín, Colombia.
Public accountant. Master's Degree in Administration from the University of Antioquia. Associate Professor at the University of Antioquia. Expert in auditing and internal control of organizations based on the International Standards on Auditing. He´s written articles on auditing, accounting management, finance, among others.
Daniela Pérez-Norela, Universidad de Antioquia, Medellín, Colombia.
Public accountant. Master in finance from the University of Antioquia. Teacher at the University of Antioquia.
Aura Pareja-Taborda, Universidad de Antioquia, Medellín, Colombia.
Public accountant from the University of Antioquia.