Essays on Auditing

Financial Auditing in Firms in United States
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We precociously consume the risk we reduce. Just as advanced automotive safety technology makes for worse drivers*, the prevalence of government mandated auditors in the financial system has allowed us as investors to engage in riskier behavior than we would dare do otherwise. After all, apart from the few of us who are formally schooled in finance, who really glances at a 10-K Earnings Statement? Who reads the Fund Flyers? Who really has any idea where the money in the…...
An Introduction to the Relationship Between Governance and Internal Auditing
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This study examines the correlation between corporate governance and internal auditing. The study also examines the value of internal auditing to an organization and if it should be done away with. It is a hypothesis in the study that internal auditing is an independent profession different from external audit. Evidence shows that internal auditing has in the recent past assumed the status of a full-fledged profession that is very distinct from external auditing. Next, we find that auditors charge high…...
An Overview of Generally Accepted Auditing Standards
Words • 532
Pages • 3
April 10, 1996 Generally Accepted Auditing Standards are those guidelines which auditors must adhere to while conducting an audit of a company's or government entity's financial statements. It must also be stated in the audit report that the audit was conducted following Generally Accepted Auditing Standards. This has been required since 1941 after the investigation of a large drug company, McKesson & Robbins, Inc., which had had funds embezzled by its president and his three brothers. Neither the internal controls…...
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The Importance and Need for Auditing in a Business
Words • 262
Pages • 2
An audit is the gathering and evaluation of evidence in regards to information used to determine and report on the degree of correspondence between information and any criteria that has been established. Criteria for evaluating information is also dependent on what kind of information is being evaluated; when a CPA firm audits a company, GAAP or IFRS may be used, but when being audited by the IRS the criteria would be the Internal Revenue Code (Arens, Elder, & Beasley, 2014…...
AuditingBusinessBusiness Management
The Impact of Blockchain Technology on the Audit Industry
Words • 1916
Pages • 8
Abstract This paper explores the impact that blockchain technology has on the auditing industry by analyzing how current audit procedures measure up to the abilities of blockchain. As a result of this technology, this paper further examines the necessary technological advancements and the roles that accountants will play in the future. Top players in the industry such as the Big Four accounting firms and the AICPA were evaluated as to their participation and forecasts in regards to blockchain. Research has…...
Can Double Entry Principle be Replaced by Blockchain?
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Pages • 2
A limited amount of academic research that has been conducted on the subject matter rarely mentioned the views to replace the double-entry principle with blockchain. It is pertinent to say that whatever emerges from the blockchain revolution, it is obvious that it played a significant role in the accounting and auditing profession, and could progress faster than expected. Moving accounting from a centuries-old double-entry system to an automated triple-entry system could mean a massive shift for all parties concerned with…...
Audit History and Modern Standards
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Pages • 4
Part 1 Internal auditing has been around since pretty much the beginning of time. According to Noorah Al ShamsiShamsi's article titled “A Brief History about Internal Audit Practice”, different reigns of time such as the Zhao dynasty of China and the reign of calif Omer bin Al Khattab established internal and external auditing for use of the cities that were under their command. (Al Shamsi, 2018) Our textbook mention that the beginning of modern internal auditing was implemented by the…...
Authentication, Authorization, and Auditing
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In the information systems authentication, authorization and auditing reflect the main pillars of the information security of the organization. As each of these parameters is very important, it will be described individually as follows, Authentication Authentication is a gateway to recognizing a user’s identity. It is a process associated with an upcoming request having a set of identifying credentials (Killian, 2017). When someone logs into the system, the credentials are compared to those existing in the system and authorized the…...
A Brief History Of Internal Auditing In Mauritius Accounting
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Pages • 6
Nowadays, it is going progressively hard to disregard the construct of Internal Audit in the concern universe. Among the well known definitions of IA, there is the Institute of Internal Auditors ( IIA ) ( 2009 ) which defined it as: `` An independent, nonsubjective confidence and consulting activity designed to add value and better an organisation 's operations. It helps an organisation carry through its aims by conveying a systematic, disciplined attack to measure and better the effectivity of…...
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