Some Observations on International Auditing: The Case of the Airline Industry

Abstract

This chapter focuses on the international aspects of auditing in the context of the airline industry for the year 2018. This chapter finds that International Standards on Auditing have been widely adopted in the global context. This chapter also analyses several observations related to the composition of audit firms (Big 4 vs. non-Big 4), types of audit opinions, emphasis of matter, other matters, material uncertainty related to going-concern, and types of auditors (single or joint auditor). This chapter covers the frequency of the four elements of describing key audit matters (KAM) in the audit reports in the global and auditor context as well as the KAMs observed in the airline industry and classifies them as industry-specific KAMs and entity-specific KAMs. In addition, this chapter analyses the requirements of the expanded audit report of the UK which includes the declaration of materiality threshold and scope of the audit in connection with the materiality and KAMs considering UK and non-UK airlines.

Citation

Öztürk, C. (2022), "Some Observations on International Auditing: The Case of the Airline Industry", Öztürk, C. and Baker, C.R. (Ed.) Perspectives on International Financial Reporting and Auditing in the Airline Industry (Studies in Managerial and Financial Accounting, Vol. 35), Emerald Publishing Limited, Leeds, pp. 127-157. https://doi.org/10.1108/S1479-351220220000035005