Challenges for Auditing Profession in Australia|| Report

Added on - 01 Mar 2020

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Challenges for Auditing profession in Australia
Table of ContentsIntroduction......................................................................................................................................3Discussion........................................................................................................................................4Conclusion.......................................................................................................................................6References........................................................................................................................................7
IntroductionAuditing has become important more than ever in this highly competitive market environment.The face of auditing has also changed and it has evolved as one of the crucial tasks within thecompany becoming something more than just regular checking of the accounting books. Thedevelopment of IT, globalisation, increase in the legal and statutory complications and theinvolvement of the different auditors in different organisations have drastically changed the faceof auditing over the years. The auditors play a critical role in the management of the financialinformation that helps to instill faith within the investors in the Australia which makes theminterested in investing money. In the recent past the corporate collapses and scandals in financialreporting have affected this profession to a large extent and led to revamp in the laws andregulations related to audit. There are several challenges which the auditors face nowadays intheir jobs that hinder their performance. Under the Australian Auditing model there are certainissues which act as challenges to the free operation of the auditors or the auditing firms(Houghton & Campbell, 2013). The present report will taken into account these key challengesthat hinder auditors’ activities and will discuss the regulatory attempts to improve audit quality inAustralia.
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