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Reliability matters: reliability and the central role of the auditor (May 2013)

Audited financial statements should be reliable. This simple statement reflects the fact that reliability matters to users of audited financial statements and provides a context for thinking about the role and responsibility of auditors.

Reliability should be central to auditing and this paper explores five aspects of reliability and the challenges they pose for auditors.

The focus on reliability and outcomes from the audit provides a unique platform on which to look at the broader issues around audit quality.

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Reliability matters: reliability and the central role of the auditor (May 2013).

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It highlights a number of big questions which the Audit Quality Forum plans to engage with stakeholders on.

We invite anyone who has views on or questions about this paper to contact louise.sharp@icaew.com.
 

Aspects of reliability

In building up a picture of what the statement ‘audited financial statements should be reliable’ means, we suggest that there are five key aspects of reliability.

Questions for debate

This focus on reliability leads us to ask four fundamental questions