AUDITING AND ASSURANCE ESSAY 2022

Running head: AUDITING AND ASSURANCE
AUDITING AND ASSURANCE
Name of the Student
Name of the University
Author Note

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Introduction
The profession of auditing can be understood to be a methodological one which is
essentially focused on the analysis and examination of various auditing clients’ documentations
and financial reporting so that the accounting standards can be maintained and any misstatements
which may exist in the financial statements can be identified (Abc.net.au , 2020). Very often the
managers who are involved in the different accounting operations and related activities tend to
engage in the misstatement and omission of transactions so as to increase their profits or to
increase the incentives which they generally tend to earn (Afr.com ,2020). In line with this, it is
the duty of the auditor to see to it that, the statements are in proper condition and all the
Accounting standards requirements are being fulfilled accordingly. In addition to this, it is
essential that the ethical aspects in concern with the accounting can also be fulfilled accordingly.
However, in the recent years, there has been a considerate and growing issue in relation
to the auditing of services due to the advancement of technology (Arens, Elder & Beasley,
2016). The claim in such a scenario relates to the fact that due to this particular Artificial
intelligence and related technology, the examination and related operations of the auditing firms
has become efficient and there has been a considerable increase in the compliance regarding
independence and information. With consideration to this, it is essential to mention that the
Artificial Intelligence as a technology has provided the Australian Auditing profession a
considerate boost and has added value (Simnett, Carson & Vanstraelen, 2016).
The main reason why the Artificial Intelligence has become popular amongst the
different auditors is because the auditors are being able to attain major opportunities to utilize the
unstructured data and additionally gain advantage from the major technological development. In

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addition to this, the artificial technology has also enabled them to gain information from various
sources and prepare the necessary financial statements and auditing sheets accordingly. In
consideration with this, it is important to consider that, the auditing as a profession has been
essentially able to provide the different auditors with a variety of opportunities and give a boost
to the profession of accounting as a whole (Abc.net.au , 2020). Hence, the aim of the essay is to
investigate and examine the particular issue in order to gain a valuable insight.
Therefore, the essay will throw light on three facets of auditing procedure and issues
which have been highlighted due to the advanced technology (Kpmg.au ,2020). The first part of
the essay will focus on the Independence of the auditors and related aspects. The second part will
focus on the accuracy and improvement in the timing which can be undertaken by the auditors
and the last part comprises of the Ethical concerns in regard to the accounting procedure. The
last part of the essay will examine the regulatory attempts which improve the auditing quality of
the different companies along with a summary of the report.
Discussion on concerns

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Figure 1: Concerns of Auditing
(As made by the author)
The Independence of the various auditors
The independence of the various auditors can be considered to be the cornerstone of the
auditing as a profession. The independence needs to be provided to the different auditors in order
to enable them to develop a prospective mental attitude in consideration of which they can brace
objectivity and carryout the auditing effectively as per the client`s need but without comprising
on the ability of the auditor to keep into consideration the auditing regulations (Kpmg.au ,2020).
In consideration of the independence of the auditors, the main concerns reflect to the concerns of
the independence of the mind and independence of the appearance of the clients. When the
auditor will be provided with independence in consideration to the independence of mind, the
auditor is required to develop an unbiased opinion and form a fair opinion in regard to the work
Concerns of
Auditing
Independenc
e of the
auditor
Use of IT and
Artificial
Intelligence
Ethical
consideration
s