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  • 1.
    Altin, Stina
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Khwaiter, Nada
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Revisorers granskning av redovisning till verkligt värde2014Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Lately the development in accounting standards has undergone a change regarding how assets and liabilities should be recognized and assessed. The traditional historical cost accounting has been replaced with fair value accounting (FVA). According to previous research, this has resulted in some complications. As the valuation of assets and liabilities differ depending on the information available, FVA has shown to have a lower reliability compared to historical cost accounting. In addition, the auditors have faced difficulties in their audits of the financial reporting regarding their competence and independence. Because of this, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) has developed a framework illustrated in three levels of a hierarchy that describes how fair value should be valued and reported for assets and liabilities. This study aims to describe and analyze Swedish auditors' view of FVA in general and on the three levels of the hierarchy. More specifically, the study aims to examine the extent to which Swedish auditors feels able to ensure the reliability of RTVV and the degree to which Swedish auditors consider themselves to be competent and independent in reviewing RTVV. To answer the purpose of the study, our sampling frame consisted of Swedish qualified auditors. Due to contact with a representative from a big4 office in Sundsvall we managed to reach 459 total 3800 auditors scattered all over Sweden. Of these 46 respondents answered our questionnaire. These formed the basis of our analysis and conclusion. The results indicate that Swedish auditors face challenges when it comes to the examination of RTVV, especially when it comes to the examination of the hierarchy levels at which various information is available. Based on the review of the hierarchy levels, we conclude that the auditors find problems on level 3 when it comes to ensuring the reliability and their competence. This is not considered to be a limitation on level 1 and 2. The results also show that the auditors find that independence is not a problem at any of the hierarchy levels. However, a low response rate, 10 percent, shows that the results should be interpreted with caution.

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