As A Demand Driven Discipline
As a demand driven discipline, audit has contributed to the advancement of civilization”. State your position with appropriate argument highlighting the functional, legal and social construct of the profession.
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Introduction
Auditors are responsible to provide an independent opinion on the true and fair view of the financial statements after he has acquainted himself with all the relevant and reliable evidences with the client. Auditor is expected to a professional adroit with sufficient proficiencies and competence to assess whether the view that has been portrayed by the financial statements represent the true financial position, financial performance and changes in the financial position.
In this paper our focus will not only be on the practices of auditing but also will be to the extended perspective to the auditing as a demand driven discipline which constantly and continuously meets the expectations arose out of the functional, social and legal constructs. It outlines some reflections on auditing as a demand driven discipline rather than discussing only the practices of auditing. It is very important to understand auditing and its vivid prominent place in the economy and such comprehension can be better done by taking a critical approach to the industry and the audit process. Part of the confusion today surrounding the role of auditing stems from
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a misunderstanding is its nature and precise role. Here the objective is not to simply add to the great accumulation of information about audit practices, but to understand and explain them.
Business is subject to continuous changes brought about by technological advances, globalization and internationalization, and the ways entities are organized and conduct their business. Management’s increasing discretion over corporate accounts, and unprecedented competitive pressure have also increased the danger of fraudulent financial reporting. The scandals and financial failures of recent years have been a
force
15
Introduction
Auditors are responsible to provide an independent opinion on the true and fair view of the financial statements after he has acquainted himself with all the relevant and reliable evidences with the client. Auditor is expected to a professional adroit with sufficient proficiencies and competence to assess whether the view that has been portrayed by the financial statements represent the true financial position, financial performance and changes in the financial position.
In this paper our focus will not only be on the practices of auditing but also will be to the extended perspective to the auditing as a demand driven discipline which constantly and continuously meets the expectations arose out of the functional, social and legal constructs. It outlines some reflections on auditing as a demand driven discipline rather than discussing only the practices of auditing. It is very important to understand auditing and its vivid prominent place in the economy and such comprehension can be better done by taking a critical approach to the industry and the audit process. Part of the confusion today surrounding the role of auditing stems from
15
a misunderstanding is its nature and precise role. Here the objective is not to simply add to the great accumulation of information about audit practices, but to understand and explain them.
Business is subject to continuous changes brought about by technological advances, globalization and internationalization, and the ways entities are organized and conduct their business. Management’s increasing discretion over corporate accounts, and unprecedented competitive pressure have also increased the danger of fraudulent financial reporting. The scandals and financial failures of recent years have been a
force
References: Teck-Heang Lee, Azham Md. Ali (2008). The evolution of auditing: An analysis of the historical development, Journal of Modern Accounting and Auditing, ISSN1548- 6583, USA, Dec. 2008, Vol.4, No.12 (Serial No.43). Campbell Tom and Houghton Keith (2005). Ethics and Auditing. ANU E Press, Canberra ACT 0200, Australia. Stettler F. Howard (1977). Auditing Principles. Prentice Hall, 4 th