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Auditing Theory and Practice: Report

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Added on  2021-06-17

Auditing Theory and Practice: Report

   Added on 2021-06-17

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Auditing Theory and Practice: Report_1
AuditingIntroductionTimes have changed and so did the overall structure of the business which has also made the roleof the auditors to be altered. The target of an auditor is to deliver fault free information to the customers and to see that no loophole prevails in the analyzing system. Strategic changes are required to keep the quality of the audit intact. However, the profession of auditor is not free from challenges. Considering the challenges, there has been various regulatory changes that aimsto instills stability. DiscussionThe main work of the auditor is to report the occurrence of frauds in the business. It can be said that India has made this as a secondary aim of the auditor while Australia has a strict policy which has to be catered with. Australian Auditing Guidelines says that if any fraudulent case is linked with any senior member of the company then the auditor must report the same to the management or to its client for prevention of any further manipulative work in the business (Cappelleto, 2010). The assumable difference that people see as auditor work to the work that actually an auditor hasto do is termed as the audit expectation gap. The work is not at all same as thought by the public.Two core reasons are there because of which the gap seems to exist. The primary target of detection and elimination of manipulative and fraudulent work has been seen to widen this gap very much (Livne, 2015). Secondly, there is no perfect knowledge of the auditing framework even after sessions of discussion and argument on the respected matter. It is to be seen that the duty of the auditor is to distribute relevant information and the financial report made by the auditors are analyzed first if a company collapses and then charging the auditor with governance is a matter that should be reanalyzed upon again. Also, techniques should be undertaken to instillknowledge in the public. ASIC had to make some major changes in the powers of the auditors in 2012 in association with the Corporations Legislation Amendment Act 2012. The Act was also seen to put down an option of Strategic Review as per the request of the Treasury. The statements provided by the Treasury says that the Australian government has put down the best auditing rules and standards 2
Auditing Theory and Practice: Report_2

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