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Title: GAPSE implications on Maltese audit firms : an analysis
Authors: Caruana, Analise
Keywords: Auditing -- Malta
Accounting -- Principles
Issue Date: 2009
Abstract: GAPSE are locally formulated accounting principles aimed to serve the needs of the relatively narrower range of users. These principles lessen the audit and financial reporting needs of small and medium sized companies to a more realistic requirement. Auditors themselves have felt the need to come up with new accounting practices to be applied when drawing up the accounts of small entities. This is consequent to the fact that IFRS requirements have become too burdensome; hence, the cost of preparing these accounts is becoming even more significant. With the introduction of GAPSE, the pressure of work on auditors will eventually decrease in the long term, whilst audit fees charged will start reflecting the true work performed by them. Furthermore, users of SME financial statements will begin to appreciate and understand more the contents of the reports. For this reason, the inauguration of GAPSE is very welcomed by auditors as it will reduce the audit testing due to less disclosure requirements, whilst ensuring that financial statements are transparent and detailed as possible.
Description: B. ACCTY. (HONS)
Appears in Collections:Dissertations - FacEma - 2009
Dissertations - FacEMAAcc - 2009

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