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The Auditing Profession - Accounting vs.Auditing & the Auditing within the IRS
Finance & Accounting
Pages 10 (2510 words)
The Auditing Profession - Accounting vs. Auditing & the Auditing within the IRS The dynamic of international exchanges and complex accounting projects requiring extensive knowledge of evaluation and analysis brought to the light the need of a profession and of a comprehensive and credible information work, which would assure the employees that financial and economic indicators reflect with accuracy patrimonial realities.
We mention the opinion of Richard Brown, cited by two world-class specialists (Mautz and Sharaf, 1961) indicating that audit has its roots in the past, only a little beyond the origins of accounting. Every time the society progress has made it necessary for a man to be entrusted with the property of another- to some extent, the need of a certain type of its loyalty control become obvious. The textbook definition included in the Report of the Committee on Basic Auditing Concepts of the American Accounting Association presents auditing as “a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (Media Wiley, 2003, p.4). To emphasize the essence of financial audit, its meaning and scope, we present the definition of Arens and Loebbecke, two high-class American specialists: “audit consists of gathering and evaluating evidences to determine and report the degree of compliance of reported with a series of predetermined criteria. The audit should be conducted by a competent and independent individual." (Arens&Loebbecke, 2003, p.11). ...
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