In general, financial statements represent a formal record of an entity's performance over a specified period of time which contains information useful to shareholders to assist them in making decisions (IFRS, 2014) . In recent years, a wide range of users, including shareholders and investors, are interested in financial statements such as competitors, lenders and so on. Therefore the audit report is prepared to provide an independent examination and expression of an opinion on the financial statements (Millichamp and Taylor, 2012). However, the big question may still be whether reviewers present information faithfully or which users can fully rely on. However, according to the rules and regulations established by accounting bodies, audit reports show external opinion on the true and fair view of the company's financial statements and reduce the "Audit Expectation Gap" (AEG). Different users have different purposes when using audited financial statements (Millichamp and Taylor, 2012). IASSB Chairman Arnold Schiller further argued that a quality and informative audit report is one that delivers value to entities' stakeholders and not just shareholders (2012). For example, audited ratios could provide shareholders with a picture of how profitable the company is to see the potential growth and safety of their investments or financiers such as banks could be interested in the level of debt within a company and proof that the loans would be able to be repaid. Management is interested in analyzing statements to measure the effectiveness of its policies and decisions, as is the government which would also be interested in determining tax liability. Many people prefer to use already certified statements to make their decision because of the ass... middle of paper... Objective See the value of the audit report [online] available at: http://www.trueandfair. org.uk/questions-answers (Accessed 18 February 2014) IFRS Financial Statement Presentation (2014) [online] available at: http://www.ifrs.org/Current-Projects/IASB -Projects/Financial- Statement-Presentation/Pages/Financial-Statement-Presentation.aspx (accessed 13 February 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 20 February 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 on February 16 2014)