Effect Of The Application Of The International Standard ‘701’ Communicating Key Audit Matters In The Independent Auditor's Report "On The Auditor's Responsibility And The Cost Of Audit Process.
The purpose of this study is to identify the impact of the application of the ISA 701, "Delivering the Key Audit Issues in the Independent Auditor's Report" to the auditor's responsibility and the cost of the audit process. The study population is one of the legal accountants practicing the auditing profession in the Hashemite Kingdom of Jordan Statistics for the Association of Certified Accountants in 2016. Seventy-four questionnaires were distributed, 72 of which were valid for analysis. The study concluded with a set of results, but the most significant of these was that there was an impact on the application of the ISA 701, "Delivering Key Audit Issues in the Independent Auditor's Report" The cost of the audit. The study recommended a number of recommendations, including the following: The auditor should expand the sample of the survey during the audit process to become more comprehensive to cover his entire responsibility; the need to determine the auditor's professional and legal responsibility more clearly under this standard; and review the audit fees based on the professional and legal obligations of the auditor