The expectations of audit : a qualitative study on smaller limited firms in Sweden

Abstract: The current reform of audit was introduced in 2010, which would mean that small limited firms in Sweden have the right to choose if they want to conduct an audit. The purpose of this study is to examine the expectations of smaller limited companies in Sweden have on conducting an audit. By examining these expectations, the essay also studies the companies’ perceptions of the auditor’s role and what kind of tasks they perceive to be included in the auditor’s role. In accordance with the study’s empirical results, the smaller limited companies are satisfied with their auditor’s work. The auditor’s role is perceived mainly as positive and to include tasks that are related to the firms’ financial area. This study has also shown that smaller limited firms in Sweden do consider audit to be important, which is why they use an auditor even with regard to the current reform that exempts them from this obligation.