StudentShare solutions
Triangle menu

Post-Implementation Challenges of the Model Audit Rule - Research Paper Example

Not dowloaded yet

Extract of sample
Post-Implementation Challenges of the Model Audit Rule

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. International Auditing Standards requires that auditors obtain a lucid understanding of the company being audited and its environment. This understanding of the internal control system will help them identify misstatements that are material in the statements that may arise due to fraud or error. To avoid post audit problems that may arise, the auditors have to analyze the process that the company adopts critically to identify business risks. Post audit challenges are the challenges that auditors face after completion of the audit process. These challenges make the process an excellent training for the executives. The Model Audit Rule is a collection of accounting standards that govern the audit process. It ensures that auditors ensure financial stability and proper governance to the various companies who consult them for their services. An internal control financial report is a basic requirement in the Module Audit Rule to ensure that professionals formulate controls. It also ensures that controls are operating as intended (Vasarhelyi, 2005, p. 77). The main role of this rule is to enhance oversight of financial stability of various insurance companies. It has the responsibility of setting the guidelines that govern auditor’s independence and create rules for the audit committee. Influence of legal, regulatory, and social environments on audit theory and practice Legal, regulatory, and social environments have absolute impact on audit theory and practice. The legal environment entails criminal liabilities for auditors, auditor’s liability to clients and third parties, and their responsibility to detect frauds and errors. This is a tremendously vital part during the audit process since it governs the conduct of the auditor during performance of the audit. The legal environment is particularly vital in reduction of post implementation challenges that will arise after the Model Audit Rule is introduces (Cheeseman, 1997, p. 79). A detailed analysis of the legal environment concerning the Model Audit Rule is necessary to ensure that companies and auditors understand the requirements of the rule. This will cut the cost of the companies and reduce ...Show more

Summary

“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…
Author : turnerschoen
Post-Implementation Challenges of the Model Audit Rule Research Paper essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"Post-Implementation Challenges of the Model Audit Rule Research Paper"
with a personal 20% discount.
Grab the best paper

Related Essays

Business Research Paper: Implementation of ERP Systems
ERP implementation has occurred across many business sectors such as banking, insurance, manufacturing, telecommunication and many more. Universities and colleges have also incorporated ERP systems within the education sector. Implementing these systems introduces flexibility within an organization and eases expansion process.
16 pages (4000 words) Research Paper
Rule-Making Process Management Research Paper
The business rule making process involves aligning the public rules in a way that all the needs and wants of clientele groups are placed according to their expectations. This management process promotes business effectiveness as well as efficiency. It also aims at promoting innovation, flexibility and technology integration2.
4 pages (1000 words) Research Paper
The Kounin Model Research Paper
246) It is therefore an enabling skill, that provides a good basis for the exercise of further teaching and learning skills, and there are a number of different ways to achieve good classroom management. This paper explores the approach taken by Jacob Kounin (1912-1995) and proposes that it is still one of the best classroom management theories, despite the fact that it has been around since the middle of the 1970s.
4 pages (1000 words) Research Paper
Research Paper about Health Belief Model
Health statistics depicts that fast food is becomes popular in almost every social setting, especially busy groups like the students. Fast food includes Pizzas, chicken, burger and taco among others. Nutritionists assert that fast food is often high in calories, cholesterol and fat (Lynn, 2009).
6 pages (1500 words) Research Paper
Global Challenges Research Paper
Competing values framework………………………………………………4-5 II. Application- RBS and globalization A. RBS- its foundation, turnover, workforce……………………………….5 III. PESTLE analysis A. Pestle analysis of RBS……………………………………………………5-6 IV.
7 pages (1750 words) Research Paper
Diversity Research Audit
there are a number of reasons for why Sodexo has been able to attain and retain the success that it has, one of the most salient aspects of the business, as compared to the many other businesses within this particular line of service offering, is the fact that that the firm has sought out diversity, and the representation thereof.
10 pages (2500 words) Research Paper
Ethics and law in business and society
This view is generally adapted by individuals and entities as a phenomenon of natural pride for being able to provide a meaning to their world. Ironically, the underlying fact is that human beings pertain to be the actual source of morals and ethics.
11 pages (2750 words) Research Paper
Healthcare research audit
Literature Review III. Importance of Evaluation, Measurement and Research in Healthcare IV. Rational for Audit V. Best Practice in Sedation VI. The Audit Scope, Objective, Criteria and Standards VII. Audit Evaluation: Performance Indicators and Proposed Data Collection and Analysis VIII.
14 pages (3500 words) Research Paper
Capital Asset Pricing Model Research Paper
cost of capital. (Burton, 1998) The CAPM had its origin from the model of portfolio choice developed by Harry Markowitz. In the model, an investor is assumed to decide on the investment portfolio at time t-1 with an expected return at time t. Since the investors are assumed to be risk averse, the data that they care about are the mean and the variance of their one period investment return.
2 pages (500 words) Research Paper
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation