Auditing and Assurance Services | Report

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

1AUDITING AND ASSURANCE SERVICES
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Audit Quality and Scandals....................................................................................................2
Restructured Code of Ethics...................................................................................................5
Technology in Audit Quality.................................................................................................7
Conclusion& Recommendations..............................................................................................10
Reference..................................................................................................................................11

2AUDITING AND ASSURANCE SERVICES
Introduction
On the path of the trust as well as the transparency, the organizations are seeking for
the assurances over the numbers. Auditors are now embracing the latest technology for
providing deeper insights as well as the analysis, but they should bring out the critical
mindset for every innovation of the technology. Technology helps in promoting the
efficiency of the business, accelerating the time to the market as well as offering more of the
connection points to the customers than it does was before. The innovation has increased the
expectation for having more accurate, relevant as well as timely information on the
performance of the business and the assured reporting of the corporate. The high quality of
the corporate information as well as reporting is generally dependent on integrity of provided
data, which is not the simple task (ABC News. 2019). This requires for having the reporting
team for ensuring the high quality of the data input as well as for the auditors to having the
deep understanding of the fact that from where data has come and the accuracy of it. Audit
quality is all about delivering of the appropriate opinions of the professions that is
independent, understandable as well as reliable that is supported by the adequate evidences as
well as objective judgements. For ensuring the audit quality, information technology control
as well as audit plays the important role to ensure the information system integrity as well as
reporting of the organizational finances for avoiding and preventing hopefully any future
financial failures such as Enron and Commonwealth bank (Sikka, 2009). Hence, under this
assignment, discussion will be done on the advancement of the technologies might help in the
improvement of the audit quality.

3AUDITING AND ASSURANCE SERVICES
Discussion
Audit Quality and Scandals
There have been many financial organizations, who have received support within the
short period of receiving the opinion of the unqualified audit. The auditors have collected the
large amounts in the fees of audit and non-audit. These events has raised the questions
regarding the company’s values, quality of the work of audit, independence of auditor,
knowledge base of the auditors as well as economic incentives for the good audits. The
conventional approach of the audit quality is incomplete as it pays less attention on the
organizational as well as social context of the auditing. The conventional approach has the
view that generally the companies have diversified into the new forms of the investments as
well as the complex financial instruments. Hence, some of the transactions will be impossible
for auditing in the traditional way (Tepalagul & Lin, 2015).
Audit quality is considered fundamental for maintaining the trust of the public as well
as is the key measures on which the reputations of the professionals stands. It is being
considered as the outcome when the audits are consistently executed on the consistent basis
that is in line with intent as well as requirements of the applicable professional standards,
which is within the strong system of the quality controls (Emerald Insight. 2019). Audit
quality is one of the foundations for instilling the confidence and the trust in capital market.
The quality of services is provided by financial auditors that has become the growing issues
over the previous few years, especially in because of the financial scandals, where auditors
has played major role. The effect of quality of audit on clients firms is because of the
credibility of audited financial statements, in case of consideration of the appropriate level of
audit quality by the stakeholders (Christensen et al. 2016).
The series of the scandals, during the year 2000 has brought into the question of the
issues of audit quality, as there were huge reforms in field of audit, which has started for