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Audit And Asssurance Audit And Assurance Name Of The University Author's Name

   

Added on  2021-04-17

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Running head: AUDIT AND ASSURANCEAudit and AssuranceName of the StudentName of the UniversityAuthor’s Note
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1AUDIT AND ASSURANCETable of ContentsIntroduction......................................................................................................................................2Requirement [a]...............................................................................................................................2Requirement [b]...............................................................................................................................3Situation 1....................................................................................................................................3Situation 2....................................................................................................................................4Situation 3....................................................................................................................................4Situation 4....................................................................................................................................5Situation 5....................................................................................................................................5Conclusion.......................................................................................................................................6References........................................................................................................................................7
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2AUDIT AND ASSURANCEIntroductionConducting the audit operations has become one of the major necessities for the businessorganizations for the retention of their major stakeholders like investors, creditors and others.Auditing refers to the process of conducting through inspection on the financial accounts of thecompanies in order to find out whether there is any material misstatement or not (William Jr,Glover and Prawitt 2016). It is the obligation of the auditors to follow all the ethical principlesand standards of the profession. In this process, International Ethics Standards Board forAccountants (IESBA) plays an integral part as it contains all the required standards andprinciples of audit ethics that the auditors are required to comply with. For this reason, IESBA isregarded as an independent body organization responsible for setting audit ethics and standards(ethicsboard.org 2018). This particular report aims at analyzing and evaluating the roles andfunctions of IESBA. The next part of the report involves in the discussion of the violation ofethical principles of five given situation. Requirement [a]From the above discussion, it can be understood that IESBA is a major part of theauditing profession and for this reason, there are some major roles and factions of IESBA. As perthe main role of IESBA, IESBA is highly responsible for the development and issue of ethicsprinciples and standers for the users of the audit report; IESBA also issues different auditpronouncements for the auditors all over the world (Gaynor et al. 2015). For this reason,accounting professionals all over the world irrespective of the types and size of the organizationscan apply the standards and principles of IESBA due to the fact they work as the foundation ofthe auditing and accounting ethics. Thus, all the business organizations under the InternationalFederation of Accountants (IFAC) is not allowed for the application of less stringent audit ethicalstandards provided in IESBA (Apostolou, Dull and Schleifer 2013). It needs to be mentioned thatthe task force of IESBA has the obligation to follow some major interconnected stages for thepreparation of ethical standards and principles. The first stage involves in the process ofResearch and Consultation. For the development of the draft of ethical standards and principles,it is required for IESBA to undertake some research and consultation process. Transparent
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