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Abstract

The content of the audit report is often discussed. The aim of this paper is to explain the content in the audit reports and define similarities and differences among audit reports in Swedish listed companies. The analysis is based on data collected from 757 audit reports in Swedish listed companies between 2006 and 2008, it is 98.57 percent of the total population. 

The study show that several reports deviate from the Swedish audit standards both in terms of form and content. Only a few reports contain extra information, not required by the Swedish Generally Accepted Audit Standards (GAAS). The audit report mainly deviate from the audit standard in terms length, audit firm used, audited company size and branch. We have found a number of variables that influence deviations from the audit standard; these are length of the report, extra information, language, presence of sub-headings, currency, audit firm, number of auditors, number of employees, net turnover, profit/loss, list on the Stockholm Stock Exchange and branch of the audited company.

We believe deviations due to mistakes could easily be overcome by a greater awareness from the auditors’. In order to alert auditors about problematic parts the Swedish Institute of Authorized Public Accountants (FAR) need to pay more attention to the audit reports form and content issues.

Key words: Audit report, Audit standard, Content of audit report, Form of audit report, Listed companies.