In general, financial statements represent a formal record of an entity's performance over a certain period of time that contains information useful to shareholders to help them take decisions (IFRS, 2014). In recent years, a wide range of users, including shareholders and investors, have become interested in financial statements (competitors, lenders, etc.). The audit report is therefore prepared to provide an independent review and expression of opinion on the financial statements (Millichamp and Taylor, 2012). However, the big question remains whether the information presented faithfully by auditors or users can fully rely on. Nevertheless, under the rules and regulations set by accounting boards, audit reports show the external opinion on the true and fair view of the company's financial statements and narrow the "audit expectation gap" (AEG). Different users have different objectives when using audited financial statements (Millichamp and Taylor, 2012). Arnold Schiller, Chairman of the IASSB, also argued that an informative and quality audit report is one that provides value to entities' stakeholders, not just shareholders (2012). For example, audited reports could give shareholders an idea of ​​the company's profitability, see the potential growth and security of their investment, or lenders such as banks would be interested in a company's debt level and proof that the loans would be able to be repaid. Management is interested in analyzing the returns to measure the effectiveness of its policies and decisions, as is the government which would also be interested in determining the tax payable. Many people would prefer to use already certified statements to make their decision due to cul...... middle of paper ......Purpose Review of the value of the audit report [online] available at: http ://www.trueandfair.org.uk/questions-answers(Accessed 18 February 2014)IFRS (2014) Presentation of financial statements [online] available at: http://www.ifrs.org/Current-Projects/ IASB -Projects/Financial-Statement-Presentation/Pages/Financial-Statement-Presentation.aspx (accessed February 13, 2014)IFRS (2012) IFRS Outlook: Insights of IFRS for Executives and Audit Committees [online] available at: http: // www.ey.com/Publication/vwLUAssets/Outlook_September2012/$FILE/Outlook_September2012.pdf (Accessed February 20, 2014)Millichamp, H. and Taylor, J (2012) Auditing 10th ed. London: Cengage Learning EMEA.The CPA Journal (2014) Accounting and Auditing: The External Confirmation Process [online] available at: http://viewer.zmags.com/publication/56adc02d#/56adc02d/44 (accessed February 16 2014)