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Rotation of Auditors Improving Quality of Audits - Essay Example
Author : dayanaraynor
Finance & Accounting
Pages 6 (1506 words)
The integrity of the financial statements is contingent upon the audit.Audit of the financial statements elaborates the dependability of the users of the financial statements upon the reliability of the information provided in the financial statement…
Being faced by many of the threats the financial statements are deemed to provide true and fair view and audit of the financial statements depicts that whether the information provided in the financial statements are up to the standards upon which the financial statements are to be presented and issued. The quality of the audit is crucial for the integrity and reliability of the information provided and disclosed in the financial statements. With the continuous increase upon the integrity of the financial statements there are efforts made and put in to practice in order to provide high quality audit. Many of the legislations and regulations are formed to excel the quality of the audit so that the quality audit can enhance the integrity of the financial statements. There are many factors, which contributed towards the quality of the audit and their relation with the quality of financial statements, one of which is the rotation of the auditors. The independence of the auditors is one of the major factor which reflects the quality of audit. The impact of the rotation of auditors upon the quality of audit ensuring auditor independence and how the factors affecting the auditors’ independence are tackled with rotation of audit is discussed. ...
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