Paper on Challenges faced by Contemporary Auditors

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Added on 2019-10-09

Paper on Challenges faced by Contemporary Auditors

Added on 2019-10-09

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Challenges faced by ContemporaryAuditors

Table of ContentsIntroduction......................................................................................................................................2Impact of E-business on Business operations..................................................................................2Risk faced by Business....................................................................................................................3Fraud in financial statements...........................................................................................................3Identification of fraud......................................................................................................................3Conclusion.......................................................................................................................................3

Paper on Challenges faced by Contemporary Auditors_2

IntroductionIn this present paper, we will discuss the impact of online purchase and sales on the business operations. The paper also describes the risks faced by the business, identification of risk leads tofraud in the financial statements and the identification of fraud. Auditing is defined as the systematic identification of books of accounts, statutory records, financial statements, documents, and voucher to check the true disclosure in the financial and non-financial statementsof an organization. The auditing also ensures the law and regulations followed in the books of accounts. The auditors applied the formulas and evaluate the financial reports of an organization.The auditing becomes unambiguous due to which the academics started identifying the audit society. The auditing helps to manage the risk through evaluating the financial and non-financial statements which enable to control the process.Impact of E-business on Business operationsThe emergence of purchasing and selling of goods and service over the internet impacts on the business operations. The new online technologies and internet mobile service culture has seen a proliferation in the number of cloud based accounting software (Curtis et al., 2015). The small organizations needs to know about the drawbacks of self-administered accounting software but italso helps to maintain the healthy flow of an organization. Following are the five major impacts of purchasing and selling of goods on business operations:1.Multiple compliance audits managementThe changes in the purchasing of goods and services over the internet has modifies the rules and regulations which impacts on the auditing by following the multiple compliance

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Paper on Challenges faced by Contemporary Auditors