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The Key Value Of Auditing Essay

678 words - 3 pages


Auditing plays a vital role in business, government and economy. The key value of auditing is its ability to provide an independent assurance on the integrity and fairness of financial information produced by companies and other entities. An auditor is under a statutory duty to report to members on the company’s financial statements for an accounting period and on the accounting records relating to those financial statements (s.308). Auditors are required to provide an auditor’s report to the members (i.e. shareholders with voting rights) of the company concerning the financial statement audit. The auditor must express an opinion on whether the financial statements are in accordance with ...view middle of the document...

Accounting standards help in consistent application of accounting system and developing a consistent audit behavior. The various prior audit opinions need to be analyzed and the upcoming implications in regard to consistency of reporting behavior of auditor in relation to the modification of the going concern concept and withdrawal of the going concern concept by the audit after subsequent period of time. Lack of consistency is more prevalent among the auditors who are working on the going concern modification for the very first time. Various risks exist in relation to the initial going concern modifications. Going concern basically depicts the consistency in the audit behavior and the application of accountings standards. The change in the audit behavior of the auditor will make changes in the going concern behavior of the company also. The auditor provides a clean audit opinion on the going concern concept. The auditor’s opinion on the financial statements is influenced by the position and level of financial distress of the company. The accounting standard requires the...

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