Finance - Audit and Assurance - Essay Example

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Finance - Audit and Assurance

Thus, this difference in the interest of the auditors and the clients makes it tough for the auditors to remain ethical while dealing with the clients (Rennie & et. al., 2006). Accountancy and auditing have been referred as complicated as well as practical procedures. In comparison to these characteristics, ethics could be considered to be far less complicated. Ethics can be described to be the honest, loyal, truthful and reliable way of performing an action. It is considered to be significantly important for auditors to perform their actions and their ways of working in an ethical manner. Ethics is required to be paid attention in case of auditing for the reason of reducing risk with regard to grave illegal actions (Campbell & Houghton, 2005). Auditing is concerned with dealing with financial statements and accounts of an organisation. Therefore, this process needs adequate compliance with ethical manners or specification. ...Show more

Summary

Audit and Assurance Table of Contents Table of Contents 2 Introduction 3 Difference of Interest in the Auditing Profession 4 Analyzing the Relationship of the Auditor to Enron 5 The Reasons behind the Auditor’s Act 7 Identifying the Causes for Impairment of the Auditor Independence 8 The Regulatory System 14 The UK and the US Regulatory Responses on Auditor Independence Issue in Post-Enron 15 Conclusion & Suggestions 16 References 18 Bibliography 21 Introduction Disagreement of interest is a common element that is present in the relationship between an auditor and his/her client…
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