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Report on relief of the statutory audit obligation

Audit Id 1565615743834
Title Report on relief of the statutory audit obligation
Year 2019
Subject

Auditing and Financial Management

Type

Compliance/Legality

Type of performance

Performed by single SAI

Comments This report concerns a law amendment passed in 2012, which gave small holding companies the option not to have their financial statements audited by an independent auditor. At the same time, a cheaper alternative to an audit of financial statements was introduced: extended review. Combined, these changes represented the relief of the statutory audit obligation that was introduced in 2012. The purpose of the study is to assess whether the Ministry of Industry and the Ministry of Taxation have implemented a satisfactory effort to counter unintended consequences of the audit obligation relief in 2012. The report answers the following questions: What information did the Ministry of Industry give to the Danish parliament in connection with the introduction of the bill on the relief of the statutory audit obligation in 2012? Has the Ministry of Industry, in connection with the relief in 2012, implemented a satisfactory effort to counter errors and fraud in the affected companies' financial statements? Has the Ministry of Taxation, in connection with the relief in 2012, implemented a satisfactory effort to ensure that the companies concerned pay the tax they are required to pay? It is Rigsrevisionen's assessment that the Ministry of Industry and the Ministry of Taxation have failed to implement a satisfactory effort to counter unintended consequences of the relief of the statutory audit obligation in 2012. The study was initiated in June 2018 at the request of the Danish Public Accounts Committee.
Country

Denmark

Materials

Summary

English

See summary
Contact
Lisbeth Sørensen
ls@rigsrevisionen.dk
http://uk.rigsrevisionen.dk
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