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Finance & Accounting
Pages 9 (2259 words)
Name of Student: Course Title: Lecturer: Date: ? Introduction Auditing is an impartial examination and assessment of an organization’s financial statements, which may be done internally by specialized staffs within the organization or by external auditors, who may be consulting firms or other competent individuals outside the organization.
An auditor is a business professional with the responsibility to assess various features of an organization, individual actions or project implementation to ascertain that resources are used efficiently, which includes finances, labour, inputs and any other factor of production that may affect business efficiency as well as the authenticity of the financial accounts of the business. The auditor is expected to provide an audit report with recommendations concerning the amendment of inaccurate entries and situations that may negatively affect the organization. Auditors are expected to adhere to professional ethics and in a manner that promotes the organization’s well-being. This paper focuses on ethical standards in auditing and why those standards are important. It also highlights ethical auditing violations and how they can be avoided. Ethical Standards in Auditing McWilliams & Nahavandi (2006) highlight the code of ethics in auditing whereby ethical standards and expectations need to be adhered to with regards to the conduct of individuals and organizations in an audit process. Auditors need to be morally responsible for their actions in the process of auditing and need to understand their impact on the future of the organization. ...
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