BFA303
AUDITING
THE FUTURE DIRECTIONS OF THE AUDIT PROFESSION
Word Count: 1995
Executive Summary
This report discusses the historical and current practices required by audit professionals. This is broken down into three main subject areas, being:-
1 The Monitoring of the Profession’s Quality Issue;
2 The Skills and Auditor Needs To Posses; and,
3 The Structure of an Audit and Non Audit Service Engagement.
It is found from a comprehensive review of various literature available and previous studies that have been conducted on the topic that there have been extensive efforts to maintain an acceptable level of quality and monitoring within the audit profession with new and amended processes being put in place. However the success of such will depend on the ability of professional accounting bodies and the federal government to continuously raise the quality of the financial reporting standards whilst maintaining rigorous oversight, being constantly on the watch for loopholes and legislative flaws, of the business sector.
TABLE OF CONTENTS
1 Introduction - 1 -
2 The Monitoring of the Profession’s Quality - 1 -
2.1 SARBANES-OXLEY ACT - 2 -
2.2 CLERP 9 ACT - 2 -
2.3 AUDIT-PARTNER ROTATION - 2 -
3 The Skills and Auditor Needs to Posses - 3 -
4 The Structure of Audit and Non Audit Service Engagements - 5 -
5 Conclusion - 6 -
6 Recommend ...