Corporate reporting on the internet: some implications for the auditing profession

Iqbal Khadaroo

62 citations0/0 files storedManagerial Auditing Journal

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Financial Reporting and XBRL Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting

Abstract

Purpose The exponential growth in corporate reporting on the internet has created numerous opportunities and challenges for the accounting and auditing profession, and regulators. This study aims to examine internet reporting practices of companies in Malaysia for the purpose of exploring their auditing implications. Design/methodology/approach An examination of the 100 Kuala Lumpur Stock Exchange Composite Indexed (KLSE CI) companies in Malaysia in 2003 and 2004. Findings Although there has been an increase in both the number of companies and the types of information provided on the internet, the quality of internet reporting information to users has little improved. This problem is compounded because auditors have little control over web contents and the changes that can be made to audited information. Further guidance to standardise the types of internet reporting information may help protect the interest of users, provide more certainty to what information needs to be audited and reduce audit risks. Practical implications The hosting of audited information on an auditor's web site may provide auditors with better control, reduce audit risks and further improve the credibility and reliability of information to users. Originality/value Provides information on the financial reporting and auditing challenges posed by internet reporting.

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References

2003Financial reporting on the Internet by leading Japanese companies 2001Hyperlinking Unaudited Information to Audited Financial Statements: Effects on Investor Judgments 2001Continuous auditing: the audit of the future 2004Enron, WorldCom, Andersen et al.: a challenge to modernity 1999Financial reporting on the Internet and the external audit 2004Corporate reporting on the Internet 2003The Auditor and Corporate Reporting on the Internet: Challenges and Institutional Responses 2005Business reporting on the internet in Malaysia and Singapore

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