logo

Audit And ASSURANCE Audit And Assurance Name Of The University Author Name

   

Added on  2021-04-19

9 Pages2534 Words411 Views
Running head: AUDIT AND ASSURANCEAudit and AssuranceName of the StudentName of the UniversityAuthor’s Note

1AUDIT AND ASSURANCETable of ContentsIntroduction......................................................................................................................................2Requirement [a]...............................................................................................................................2Requirement [b]...............................................................................................................................3Situation 1....................................................................................................................................3Situation 2....................................................................................................................................4Situation 3....................................................................................................................................4Situation 4....................................................................................................................................5Situation 5....................................................................................................................................5Conclusion.......................................................................................................................................6References........................................................................................................................................7

2AUDIT AND ASSURANCEIntroductionAuditing is considered as one of the major aspects for the business organizations intoday’s world. Auditing refers to the process of inspecting the financial statements of thecompanies in order to be ensured that they are free from material misstatements (William Jr,Glover and Prawitt 2016). At the time of performing the audit operations, it is required for theauditors to comply with all the required ethical principles. In this process, International EthicsStandards Board for Accountants, commonly known as IESBA, plays an integral part. IESBA isan independent body to set standards of ethics for the accountants and auditors. IESBA setsdifferent robust accounting and auditing standards related with ethical standards, auditorindependence and others. It is the prime responsibility of the auditors to comply with all theprinciples and standards of IESBA. According to IESBA, it is not the only responsibility of theauditors to satisfy the needs of the audit clients, but it is also their responsibility act in the publiciterates (ethicsboard.org 2018). The main aim of this report is to analyze and evaluate the rolesand functions of IESBA.Requirement [a]The above discussion provides a short description of IESBA. Now, it needs to bementioned that IESBA has some specific roles and functions. The main role of IESBA involvesin the development and issuance of high quality of ethical standards for the public interest andthe other pronouncements for the use of the accountants all over the world (ethicsboard.org2018). The code of Ethics for Professional Accountants and Interpretation of IESBA can beapplied to all the accounting professionals all over the world irrespective of any industry as thecodes of IESBA serve as a foundation of ethics for the accountants. It is the regulatory obligationon all the business entities under IFAC not to apply less stringent standards than the ethicalstandards of IESBA (ethicsboard.org 2018). At the time of the development of ethical standardsfor the accountants, IESBA needs to follow a rigorous due process. The first standard is researchand consolation. The task force of IESBA is required to undertake appropriate research andconsultation process for proposing the draft standards. The next process is transparent debate, asit is required to present the proposed agenda as a form of discussion and debate. The next processis the exposure for public comment (ethicsboard.org 2018). IESBA is to required to present the

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Audit And Asssurance Audit And Assurance Name Of The University Author's Name
|9
|2674
|125

Audit and Assurance : Sample Assignment
|10
|2928
|46

Audit and Assurance - Assignment
|9
|2271
|21

Audit and Assurance: Assignment
|10
|2876
|92

ACC300 Assignment on Auditing & Assurance Services
|12
|2889
|122

Audit and Assurance - Assignment
|13
|3461
|87