Paper on Challenges faced by Contemporary Auditors

Added on - 09 Oct 2019

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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
IntroductionIn this present paper, we will discuss the impact of online purchase and sales on the businessoperations. 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 thesystematic 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 ofaccounts. 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 auditsociety. The auditing helps to manage the risk through evaluating the financial and non-financialstatements 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 thebusiness operations. The new online technologies and internet mobile service culture has seen aproliferation in the number of cloud based accounting software (Curtiset al., 2015). The smallorganizations 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 impactsof 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 rulesand regulations which impacts on the auditing by following the multiple compliance
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