This article demands the role of accountants in the field of auditing and assurance as explored in the website of International Federation of Accountants. For this purpose, the textbook consulted is 3rd edition (2017) of Auditing: A Practical Approach by Robyn Moreney, Fiona Campbell and Jane Hamilton. The discussion is related to the specific module of Audit and Assurance on the basis of the text book and different papers published in the journal of IFAC on the subject of Auditing and Assurance. (IFAC, 2018)
Audit is a broad spectrum term to examine different reports, while audit is generally meant for financial reports of any entity. Audit itself ensures the correctness of the financial statements considering proper financial instruments. The referred book- Auditing: A Practical Approach had emphasized on the assurance engagement of the practitioner related to audit of financial report. Assurance is to be ensured in different levels of subjects by the audit practitioner to confirm prudence of the financial reporting of any entity. This assurance is mainly expected by different level of stakeholders related to that entity including internal and external stakeholders. Normally assurance is ensured through a conclusion by the practitioner, what is drawn by the process of measurement of subject against different level of standards set as criteria. This process of assurance engagement is mainly meant to ensure enhancement of the level of confidence to the stakeholders about the prudence and transparency of the reporting as per set standards. (Moroney et al., 2017)
Refer to audit and assurance in the future; the above authorities had organized a symposium in Toronto in 2017. This symposium had emphasized on the issue of audit and assurance with the guidance of senior professionals, academia and other related persons to combat the challenges faced. The outcome had highlighted following aspects to be prioritized to enhance betterment of service in the field of auditing and assurance for the business identities with the common objective of meeting the needs of stakeholders including the clients and investors:
This alert is being enacted by the new Canadian Standard on Association in January 2017 and effective since June 2017. This alert will highlight the responsibilities of the professional regarding communication or name of the practitioner or name and this alert would replace the erstwhile alert under section 5020.
Features of this alert are:
The objectives of CSOA 5000 are:
With the above discussion, the definition of audit and assurance is described. There are two literatures consulted for elaboration of this subject with the latest trend of audit and assurance from the reference list of IFPA website. These two literatures had emphasized on the future trend of audit and assurance service and the standard of alert set by CSOA for ensuring practitioner’s communication or name. This brief reporting will enlighten the importance and present trend of audit and assurance to ensure prudence for the stakeholders in strict way.
CPACanada, 2017. Audit and assurance alert: Canadian standard on association. [Online] Available at: https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/standards-other-than-cas/publications/audit-and-assurance-alert-csoa-5000?utm_source=stakeholder_newsletter&utm_medium=article&utm_content=audit_assurance [Accessed 24 January 2019].
cpaCanada, 2018. Audit and assurance in the future. [Online] Available at: https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/standards-other-than-cas/publications/audit-and-assurance-in-the-future?utm_medium=email&utm_source=stakeholder_outreach&utm_campaign=futureofaudit [Accessed 24 January 2019].
IFAC, 2018. IFAC Knowledge Gateway: Auditing and Assurance. [Online] Available at: https://www.ifac.org/search?keys=auditing+and+assurance [Accessed 24 January 2019].
Moroney, R., Campbell, F. & Hamilton, J., 2017. Auditing: A Practical Approach. 3rd ed. Milton, Queensland, Australia: John wiley and Sons Ltd. Chapter 1.1.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2020). Professional Auditing. Retrieved from https://myassignmenthelp.com/free-samples/acc00715-professional-auditing.
"Professional Auditing." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/acc00715-professional-auditing.
My Assignment Help (2020) Professional Auditing [Online]. Available from: https://myassignmenthelp.com/free-samples/acc00715-professional-auditing
[Accessed 27 May 2020].
My Assignment Help. 'Professional Auditing' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/acc00715-professional-auditing> accessed 27 May 2020.
My Assignment Help. Professional Auditing [Internet]. My Assignment Help. 2020 [cited 27 May 2020]. Available from: https://myassignmenthelp.com/free-samples/acc00715-professional-auditing.
MyAssignmenthelp.com has appointed best assignment experts who are wizards of words. Our writers know every trick of crafting high quality write-ups within a short period. With years of experiences, we have become one of the most prolific assignment help services in the USA. We deliver custom-made help to students with writing different types of assignments. We guarantee total need-based and timely service, and this is why increasing numbers of students prefer to buy assignment online.
Answer: Introduction: The report is prepared to evaluate the valuation practice of non financial assets of companies regarding their non-financial assets such as intangible assets and plant, equipment and property. Valuation practices are analyzed in terms of fair value and historical cost accounting. It has been depicted from the analysis of literature review that these two methods of accounting often come under debate regarding its applicab...Read More
Answer: Introduction: In order to prepare the financial statements, the conceptual framework related to financial reporting is significant for the business organisations in the recent times. This is because it delivers considerable course of action along with the techniques and principles needed to develop the financial reports ( Barth 2015). Along with this, the conceptual framework could help in resolving various issues of the business organi...Read More
Answer: Introduction: The objective of the report is to focus on the utilization and impact of AI (artificial intelligence) in the accounting field (Bench-Capon, 2014). The explanation of AI’s influence in the accounting field highlights on how development of this technology has transformed the accountants work as well as efficiency in providing better services to their clients. While working in huge accounting firm, it is usually iden...Read More
Answer: Part A Article 1: “Fed Raises Interest Rates for Sixth Time Since Financial Crisis”a)The main topic of the above article is the increase in interest rate by 25 bps in US and also expected two more rate hikes in 2018 so that the Fed rate can lie between 1.5% -1.75% p.a.b)The given interest rate hike was quite expected and would potentially prove to be beneficial for the economy as inflation is increasing which can if not cont...Read More
Answer: Introduction: With the constantly changing economic conditions in the recent era, it has become essential of using flexible approaches and tools. The article that has been selected to fit the purpose of this assignment is “Management accounting and agency theory”. The current paper intends to describe the way management accounting evolved and the area of scope for additional extension of management accounting with the help...Read More
Just share Requriment and get customize Solution.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
Very well done. I\'m really happy with 5he result. I will be back for another assignment.
Expert did an awesome job. Assignment was organized, in-depth and filled with a wealth of information. Although, I had to correct a few errors, they did not cause a distration from the content while reading. Great Job!
pretty pleased with this assignment even though i had to add extra information and few edits grammatically
The tutor make the assignments best without plagiarism and on time. I like the work they did for students . All the assignments are best . Thankyou