Auditing the Auditors: A Comparative Study with Reference to India, UK and USA

This paper examines the audit procedures and audit format followed by India, UK and USA. The professional courses that are offered to tune the auditor’s professional skills, qualities and knowledge, such as, CA, CPA and ACCA followed by these countries are reviewed. Financial statements audited by an independent auditor and in accordance with the auditing standards inspire confidence. An important element of this process is the auditor’s report which communicates the auditor’s opinion on the financial statements. However, the effectiveness of these reports has been limited by the boilerplate reporting language and lack of useful information for the stakeholders.