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Post-Implementation Challenges of the Model Audit Rule - Research Paper Example
Finance & Accounting
Pages 12 (3012 words)
“Post-implementation challenges of the model audit rule”. Name Institution “Post-implementation challenges of the model audit rule”. Auditing theory and practice is areas of study that specialized in making people comprehend the critical elements that lead to successful auditing…
Audit theory and practice also covers other areas that include the basis of audit opinion, legal liability of the auditors, and examination of frauds, audit evidence, and audit programs. For an audit to be successful, the above factors have to be analyzed critically so that the auditors achieve clarity (Reed, Shedd, Morehead, and Pagnattaro, 2009, p. 39). The auditors have to ensure that they carry out the work professionally in accordance with the laid down policies and procedures. They have to ensure that they follow the guidelines which include the auditing standards that guide them during the process of the audit. The client entrusts the auditors with the responsibility of carrying out a substantive test meant to evaluate the subject matter to provide an assurance to the intended user concerning the subject matter. The auditor faces many challenges before the audit process, during the auditing process, or after the process (Moeller, 2004, p. 39). Auditing relies on sampling and estimation of values which makes the credibility of the process doubtful. Lack of sufficient information is one of the challenges that auditors face during the process hence making the process difficult to accomplish within the given time. ...
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