The secondary data sources have been used to study the previous studies and the empirical literature on the incompetency of the auditors and the adverse consequences faced the public due to their irresponsible activities. The literature review then assesses the justification of the expenses incurred for the purpose of auditing and the value that has been added as a result of auditing activities. The questions asked on the relevance of auditing function, mainstream and the alternative viewpoints on the topic have been reviewed. The recommendations on the ways of adding relevance to the auditing profession have also been included in this study. Historical background The auditors and their functions of auditing have never in such a limelight as ever before. The occurrence of the global financial crisis has raised concerns in the US, UK, Belgium, Singapore and in many other countries of the effectiveness of the auditing profession in the industry. The economic debacle exposed the inefficiencies in the auditing practices conducted by the auditors. The US Senate, parliaments in different countries of Europe have started to relook into exploring a new model for auditing practices as its was felt that the auditors and their profession of auditing has lost its relevance in streamlining the business records, identifying the gaps and loophole and help the business to keep fair and transparent financial records for public disclosure. Several companies in the past have been involved in the financial scams where there balance sheets and financial statements have been inflated and thereby misled the investors about the true financial status of the companies. For example, Enron has been earmarked as the biggest audit failure in the history when they showed poor standards in auditing of financial statements mainly due to the mal intentions of their board of directors that led to the incorrect disclosure of financial statements to its shareholders. The eventual fall of performance of Enron brought out the truth and finally Enron Corporation went bankrupt. The impacts of failure of auditing were hugely felt during the global financial crisis. The accountability for lack of transparency in the financial statements was affixed to the auditors (Kornberger, Justesen and Mouritsen, 2011, p.525). Hence, the costs incurred and the time and energy spent in the profession of auditing were felt as unnecessary burdens with the advent of control technologies and automated systems to streamline the financial records and information. Methodologies The methodologies adopted for carrying out the activities of auditing is important in establishing the relevance and effectiveness of the auditors. The auditors are the final check points of the financial information to be disclosed to the public after their certification. Thus the methodology adopted by them for evaluating the values of the assets and liabilities of the company in judging the correctness of the financial information is very important. The auditors follow the method of going concern in assessing the value of the assets and liabilities of the companies. This raises the complications in the activities of the auditing profession. The method of going
Has the auditor lost its relevance as a profession? Table of Contents Table of Contents 2 Introduction 3 Historical background 3 Methodologies 4 Previous studies on the topic 5 Mainstream versus alternative viewpoints 6 Principle questions being asked 6 General conclusions drawn from literature review 7 References 9 Introduction The review has been carried out on the relevance of auditing as a profession on the context of increasing financial scams involving financial disclosure of companies…
Milk thistle is medicinal plant. Milk thistle is a medicinal herb that has been in use for its medicinal benefits more than 2,000 years. It is mainly used for various gallbladder and liver disorders. Products of the herb are popular in many countries of the world including United States and Europe.
Recognition of the crisis is only a preliminary task, the real challenge is to identify the potential risks in timely fashion and to realize the most effective and cost effective course of action to address the underlying issues.
The paper tells that initially criticized for its sacrifice of quality to pursue a low-price strategy, TalkTalk Plc has since then implemented a number of strategic reforms. As a result, for the year 2011, BT has been named the most improved with a jump of two points, while TalkTalk is “the only telecoms provider to show a significant decrease in satisfaction”
According to the research findings the following are the leadership styles that could be found in a university setting: Autocratic, bureaucratic, Laissez faire and democratic leadership, transformational leadership, transactional, creative, corrective, change, intelligence, multicultural, pedagogical, bridging, servant and purposeful leadership
The team consists of creative employees who have brought in their uniqueness to develop a social networking site which is used largely by high class society. Furthermore, the organisation has introduced its services in more than 20 languages to develop its usage in almost all the countries.
In the international organizations, identification of the interaction between various factors of the internal and external environments is only part of the process. A crisis can be defined as a point of change for worse or better, crucial time, or a moment of decision.
Article Evaluation Essay Name Institution Introduction The article “Has Apple Lost its Cool to Samsung?” talks about the recent falling profits and stock prices of apple iphone in Comparison to the growth of Samsung Smartphone’s. According to this article, Samsung profits increased in the last quarter of the year 2012 by 76% percent which is quite commendable.
Among the various responsibilities from ensuring transparency in financial reporting to assessing the overall financial performances of the company, audit committees are also responsible to monitor corporate financial functioning with the purpose of assuring its long-run sustainability.
Although, professionals are provided with several advantages with the rise of social networking but the potential negatives present significant challenges for individuals. The term social networking can be used to describe ways through which an individual tend to interact with others.
In such a fund, every investor has a certain amount of shares that s/he owns; representing a fraction of the fund holding. The collective holdings of a given mutual fund are referred to as its portfolio. This implies that an investor usually purchases
11 pages (2750 words)Literature review
Get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Didn't find an essay?
Contact us via Live Chat, call us at +16312120006or send an email to email@example.com