This project is about assessing the impact of a new regulation which require auditors to disclose those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements. The new regulation came into force in 2016, thus the project evaluated the issues relating to audit before and after the new rules.
I was assigned to collect audit fee and non-audit fee (tax, assurance, other non-audit service) from the 2013 to 2015 annual reports of companies listed on the Oslo Stock Exchange. In addition, I also collected information on auditor attributes such as type of auditor (Big 4 vs Non Big4) and location of auditors. In my second assignment, I collected data on the number of subsidiaries of the listed companies including information those that the parent company controlled directly and indirectly.
I learnt several things about financial statements and the auditors’ work by participating in this project. First, that majority of the listed companies are audited by the Big4 and even their subsidiaries in foreign countries prefer being audited by Big4. Secondly, almost all the number of subsidiaries decreased from 2016 to 2018 especially companies in the gas/oil/logistics industry. In addition, it is important to learn how to classify the audit fees and read the financial report.
Getting the opportunity to join the team has been such an honor and have learned a lot of from Joseph and Hilde who gave a good support for me during working. Also thank you to The Business School for making this project possible.