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HEC-Ecole de gestion de l'Université de Liège

Quel est l'impact de la mise en vigueur de la norme ISA 701 (faits significatifs pour l'audit) pour les sociétés d'audit ainsi que leurs clients

Greco, Florian ULiège
Promotor(s) : Palm, Alexis ULiège
Date of defense : 19-Jun-2018/21-Jun-2018 • Permalink :
Title : Quel est l'impact de la mise en vigueur de la norme ISA 701 (faits significatifs pour l'audit) pour les sociétés d'audit ainsi que leurs clients
Author : Greco, Florian ULiège
Date of defense  : 19-Jun-2018/21-Jun-2018
Advisor(s) : Palm, Alexis ULiège
Committee's member(s) : Herman, Magali ULiège
Gilles, Christelle 
Language : French
Number of pages : 69
Discipline(s) : Business & economic sciences > Accounting & auditing
Target public : Professionals of domain
General public
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] Following the various crises at the beginning of the 20th century, auditors and in particular
their audit reports were highly controversial due, among other things, to a standardized
layout that did not reflect the auditor's work.
Critics of this report mention that in this standardized format, all opinions are similar, which
limits the message conveyed by the report, nor does it pay tribute to the work of the auditors
who carried out the entity audit. In recent years, investors and other stakeholders have also
called for greater transparency in the disclosure of information on the audit report.
In this thesis, we will analyze the impact of the ISA 701 on auditors and their clients. We
will use a literature search as well as a qualitative study.
During our interviews, most respondents fully supported the implementation of ISA 701,
both by the auditors and the audited. They find that the information is presented more clearly
than before and this should help stakeholders get a clearer view of the company's financial
However, some auditors, although in favor of improving transparency, mention that the
improvement is limited due to laws, regulations and professional secrecy. Another
interesting point raised during our study concerns the format, which remains partly
standardized. Indeed, according to our respondents, this format could reduce the usefulness
of the report as hoped by the standard-setter.
Regarding the information gap and expectation gap, the interviewees are all convinced that
KAMs allow a better interpretation of the auditor's work while reducing the information gap
but the impact is small, as there will always be people who will consult the report without
adequate knowledge and the additional information disclosed is only intended for a highly
qualified audience.



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  • Greco, Florian ULiège Université de Liège > Master sc. gest., à fin.


Committee's member(s)

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