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Finance: Audit and Assurance
Finance & Accounting
Pages 7 (1757 words)
Audit and Assurance Name Course Instructor Institution Date Introduction The present day global economy calls for any business organization to build trust in the business and above all institute trustworthy advisors before creating value. This calls for responsible and strong corporate governance that is acceptable in the business environment and congruent to the guidelines of the regulatory bodies such as the Financial Reporting Council (FRC).
One of the major scandals that the United States has witnessed with respect to corporate involves the Enron scandal and as such, a number of measures have been put in place to build trust in corporate affairs. According to Gray and Manson (2011; 22) auditing has been used for a number of years to provide surety for honest dealing in company affairs but this measure falls short taking into consideration that auditors have been found to be colluding with business leaders to perpetrate fraudulent acts. Presently, besides auditing, assurance engagement has been made part of business operations in order to increase confidence of the stakeholders in the business. Assurance Engagement Assurance engagement refers to an engagement whereby an assurance practitioner explains a view aimed at enhancing that the degree of confidence of the intended consumers against the evaluation of the subject matter relative to the set criteria. Assurance refers to an individual or an organization charged with the responsibility of providing assurance service whether in public practice, public sector, commerce, or industry (Vallabhaneni 2005, 378). ...
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