country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Trends, Methodological Issues, And Opportunities

tag 0 Download7 Pages 1,530 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Discuss about the Trends, Methodological Issues, and Opportunities.
 
 

Answer:

Introduction:

The overall different types of threats, which could be faced by auditors to freely conduct the audit process. Any personal having controlling interest in the audit could decrease the audit Independence and raise the overall doubt in audit report (Wong and Millington 2014). In addition, the circumstances of situations and effective in the case study have different types of auditor freedom threats, which are depicted as follows.

Situation 1: The situation mainly depicts that auditing companies could not provide any kind of no retreating services to the company, as depicted in the rules of audit Association. The overall situation mainly state that any kind of non-audit activities could raise advocacy regarding the auditor’s opinion towards a company (Srivastava, Rao and Mock 2013). Thus, to reduce this kind of advocacy the auditor must control his actions regarding non added activities.

Situation 2: The Company is providing non-monetary benefit to the audit firm, which is unethical and increases the chances of manipulation in audit independence. It is stated that auditors who use non-monetary benefit excluding from the benefits provided in the contract are subject to control and manipulation from the organization. This manipulation could eventually hamper the overall audit independence.

Situation 3:  The situation mainly detects that a family members was involved in the auditing committee, which increases the chance of manipulation and decreases audit independence. The father of the auditor is the financial controller of the company, which nullifies any kind of independence that could be enjoyed by the auditors (Simnett, Carson and Vanstraelen 2016).  According to the audit independence, purity is any link between the auditing company and auditors could have the overall audit report.

Situation 4: This situation mainly depicts the sympathetic condition of auditors if continuous interactions are conducted with directors and staff. In addition, it provides non-auditing facilities to the company like helping them out with taxation and accounting transaction. This mainly increases the chance of reduced audit Independence as the auditor is self-auditing his own work (Marques, Santos and Santos 2013).

 

Recognition of any shields to the previously mentioned threats

There are 4 different types of methods which could be taken by the auditor to increase Independence of the auditors. Development of transparent audit committee, compiling with independence of auditors need,  changing the audit partner,  and overseeing auditors independence. With the help of these measures, companies and auditors are able to minimize the negative impact of unethical measures on the audit independence. Junior, Best and Cotter (2014.) stated that use of adequate measures could allow auditors to improve the audit report and in turn increase Authenticity among potential investors or stakeholders. On the other hand, Eilifsen et al. (2013) argued that companies using monetary benefit as a lucrative offer could increase the unethical measures and reduce efficiency of the audit report. Majority of the companies change the audit partner in order to reduce any kind of relationship building impact that might hamper the viability of the audit report. In addition, the company also needs to form a committee who she is the overall transparency and auditor’s evaluation. This committee will mainly be responsible to adhere and acknowledge any kind of miscommunication or violation of rules conducted by auditors on the behalf of the company.

The use of above depicted methods could eventually help the company to maximize the authenticity of the audit report and increase trust among potential stakeholders. On the other hand, DeFond and Zhang (2014) argue that due to difficult times companies in 2008 used the audit report as a cover there losses and boosted the share price. This manipulation of the overall audit Independence could be reduced if the company promptly adopts the above methods. These methods should mainly be imposed by the stakeholders of the company for reducing any kind of unethical measures taken by the management.

The risk associated with operations is mainly determined to be the inability of the company to support the purchase of spare parts according to its requirement.  In addition, it could be said that if company is not stocking adequate spare parts in the inventory it might phase voltage in their production system. This halted could only arise due to the in capability of the company to support its future production needs. Any slow in production system could mainly arise there is involved in its operational activities.  Thus, any kind of reduction in maintenance of adequate inventory could lead to decline in reproduction output of the company. Some of the researcher stated that use of adequate ERP systems could allow the management to reduce the operational risk faced by the production department (Byrnes et al. 2015).  Without adequate inventory system a company's operational risk could not be minimized where the chances of stock block it could be identified.

Reviews of adequate inventory system could allow management to reduce the strategic risk, which might arise from their operations. The strategic risk involved a blockage of capital, which is conducted by the company due to accumulation of high inventory (Arens et al. 2015). Spare part inventory allocation is  used in supporting the overall production facility of the company. Furthermore, excess storage of spare parts in the inventory system could lead to Capital blockage and raised expenses of the produce goods (Louwers et al. 2013). Thus, adequate inventory management system should be deployed by the company to reduce any kind of blockage in the flow of capital.  the overall reduction in the strategy dress could be conducted by using effective inventory management system which allowed companies to identify the relevant capital blockage and improve their inventory system.  use of ERP system could help The overall financial capability of the company and  reduce its capital blockage in inventories.

Audit risks and effect on account balance

The identify risk, which are mentioned could influence the audit risk also affect viability of the audit report.  These risks are mainly supporting the audit risk that might produce efficiency of the audit report (Marques, Santos and Santos 2013).  Strategic risk mainly supports the inheritance audit risk, which might arise during the preparation of the audit report. II risk, which might arise from audit procedures, is the omission has that is faced during the recording of the transaction. This misstatement mainly hampers the overlay audit viability and increase the audit risk. Mention that with the help of adequate audit procedures auditors are able to minimize the risk statements, which are present in the annual report of a company.

The identified operational risk has a problem of water detection rest, which might increase material misstatement condition and depict wrong financial condition of the company. The overall financial condition of the company is mainly threatened with the risk of audit detection is it my tamper financial condition of the company (Ojala et al. 2016). Both inherent and detection risk Code effectively influence the balance of accounts of the company.  the relevant accounts which are threatened from the risk account, sales account, inventory account, and purchase account. The risk might affect the above defected accounts and hamper the financial condition of the company. This could eventually use viability of the financial report, which is used by investors to detect the actual financial condition of the company.

 

Reference List

Arens, A.A., Elder, R.J., Beasley, M.S. and Jones, J., 2015. Auditing: The Art and Science of Assurance Engagements. Pearson Canada.

Byrnes, P.E., Al-Awadhi, C.A., Gullvist, B., Brown-Liburd, H., Teeter, C.R., Warren Jr, J.D. and Vasarhelyi, M., 2015. Evolution of Auditing: From the Traditional Approach to the Future Audit. Audit Analytics, p.71.

DeFond, M. and Zhang, J., 2014. A review of archival auditing research. Journal of Accounting and Economics, 58(2), pp.275-326.

Eilifsen, A., Messier, W.F., Glover, S.M. and Prawitt, D.F., 2013. Auditing and assurance services. McGraw-Hill.

Junior, R.M., Best, P.J. and Cotter, J., 2014. Sustainability reporting and assurance: a historical analysis on a world-wide phenomenon. Journal of Business Ethics, 120(1), pp.1-11.

Louwers, T.J., Ramsay, R.J., Sinason, D.H., Strawser, J.R. and Thibodeau, J.C., 2013. Auditing and assurance services. New York, NY: McGraw-Hill/Irwin.

Marques, R.P., Santos, H. and Santos, C., 2013. A conceptual model for evaluating systems with continuous assurance services. Procedia Technology, 9, pp.304-309.

Marques, R.P., Santos, H. and Santos, C., 2013. A conceptual model for evaluating systems with continuous assurance services. Procedia Technology, 9, pp.304-309.

Ojala, H., Collis, J., Kinnunen, J., Niemi, L. and Troberg, P., 2016. The Demand for Voluntary Audit in Micro?Companies: Evidence from Finland. International Journal of Auditing, 20(3), pp.267-277.

Simnett, R., Carson, E. and Vanstraelen, A., 2016. International Archival Auditing and Assurance Research: Trends, Methodological Issues, and Opportunities. Auditing: A Journal of Practice & Theory, 35(3), pp.1-32.

Srivastava, R.P., Rao, S.S. and Mock, T.J., 2013. Planning and evaluation of assurance services for sustainability reporting: An evidential reasoning approach. Journal of Information Systems, 27(2), pp.107-126.

Wong, R. and Millington, A., 2014. Corporate social disclosures: a user perspective on assurance. Accounting, Auditing & Accountability Journal, 27(5), pp.863-887.

OR

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2018). Trends, Methodological Issues, And Opportunities. Retrieved from https://myassignmenthelp.com/free-samples/trends-methodological-issues-and-opportunities.

"Trends, Methodological Issues, And Opportunities." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/trends-methodological-issues-and-opportunities.

My Assignment Help (2018) Trends, Methodological Issues, And Opportunities [Online]. Available from: https://myassignmenthelp.com/free-samples/trends-methodological-issues-and-opportunities
[Accessed 29 March 2020].

My Assignment Help. 'Trends, Methodological Issues, And Opportunities' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/trends-methodological-issues-and-opportunities> accessed 29 March 2020.

My Assignment Help. Trends, Methodological Issues, And Opportunities [Internet]. My Assignment Help. 2018 [cited 29 March 2020]. Available from: https://myassignmenthelp.com/free-samples/trends-methodological-issues-and-opportunities.


At MyAssignmenthelp.com, we are committed to deliver quality assignment assistance in the fastest way possible. To make our service delivery fast, we have hired subject matter experts to work on different subject specific assignments. We have hired experts who owe in-depth knowledge in their respective subjects. As per their expertise, they provide geography assignment help, Physics assignment help, Strategic assignment help, history assignment help, art architecture assignment help and assistance with other subjects as well.

Latest Management Samples

UUMG8300 Leading Business And Organisational Change

Download : 0 | Page : 1
  • Course Code: UUMG8300
  • University: UUNZ Institute Of Business
  • Country: New Zealand

Answer: Degree To Which Stakeholders Trust Those Leading The Change Unitech is one of the leading academic aspirants in contemporary and applied learning and it need to change with time and situations to enable better futures to students, enterprises and communities as a whole Carnall (2018). Though change is a complex process but still it is obvious for Unitec. The company stakeholders should rely on communication for managing the changes...

Read More arrow

MKT501 Marketing For Proper Designing,Researching And Advertising

Download : 0 | Pages : 15
  • Course Code: MKT501
  • University: Charles Sturt University
  • Country: Australia

Answer: Introduction Marketing is considered to a fundamental part of a business. It is founded on searching the suitable customer after the creation of an attractive statement regarding the product of service. The marketing of a product requires proper designing, researching and advertising in order to guarantee the success of the business. It is rather a combination of few strategies which are designed to broaden the capacities of the produ...

Read More arrow

BUSN20017 Effective Business Communication For Extemporaneous And Impromptu

Download : 0 | Pages : 9

Answer: Introduction The scope of effective communication in business is massive. In the unit we learnt about various concepts of effective business communication. I have elaborated about the significance of the concepts that were discussed. I have stressed on the importance of public speaking as it holds great importance in my future career path. Along with that I have provided a literature review of the same, in addition to another concept ...

Read More arrow

B01BAVA320 Busniess Analysis And Valuation 2

Download : 0 | Pages : 5

Answer: Competitive forces facing Qantas, using the Porter’s ‘five forces’ framework Porters’ five forces model consists of five components which will be analyzed to understand the current state of competition in airline industry of Australia. Bargaining power of Buyer: Australian airline industry is highly competitive offering service to customers maintaining a competitive pricing strategy. In most of the cases, they p...

Read More arrow

BTX3110 International Trade Law For Quality And Safety Processes

Download : 0 | Pages : 10

Answer: The dairy industry in Australia is one of the major rural industries of the country. On the basis of the farm gate value of production, industry has been ranked at third place falling behind beef and wheat industries. The 6,128 dairy farmers of Australia produce nearly 9.5 billion litres of milk. Out of this production, approximately 35% of it is exported. In this way commit includes a wide range of value added and innovative dairy pro...

Read More arrow Tags: Australia New South Wales Management tourism management University of New South Wales 
Next
watch

Save Time & improve Grades

Just share your requirements and get customized solutions on time.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,235,339

Orders

4.9/5

Overall Rating

5,066

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

440 Order Completed

99% Response Time

Jack Arens

MBA in HRM

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

416 Order Completed

95% Response Time

Tyler Moore

MBA in Accounting

Washington, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

134 Order Completed

95% Response Time

Thomas Nelson

MS in Information Systems Technology with Specialization in Database Administration

New Jersey, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

529 Order Completed

95% Response Time

Ivan Blank

PhD in Functional Human Biology

Wellington, New Zealand

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

nice very well written, thanks for the help. little expensive but it was very well written..

flag

User Id: 257973 - 29 Mar 2020

Australia

student rating student rating student rating student rating student rating

good work thank you so much, as i expected and more . i recommend all student to use MY Assignment Help.com

flag

User Id: 267771 - 29 Mar 2020

Australia

student rating student rating student rating student rating student rating

Ultra fast turnaround which is very appreciated! The level of content and quality of response is second to none! Cannot thank you enough! Your survice is very good Your all staff members are very humble and supportive. But plz note all the reqriesme...

flag

User Id: 239037 - 29 Mar 2020

Australia

student rating student rating student rating student rating student rating

Affordable genuine services for CDR writing Australia. However they took time beyond the deadline time but they informed over call and email well in advance that it will take more time in a profession.. Very thing was written perfectly. Got an HD fo...

flag

User Id: 239037 - 29 Mar 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?