The United Kingdom Auditing Standards - Essay Example

Additionally, an audit report of the company is also conducted by following the guidelines of the International Standard on Auditing (ISA) which is authorized by the International Auditing and Assurance standards Board (IAASB).... In order to maintain suitable ethical standards in an audit report, it is essential for the auditors to be independent in terms of mental attitude while dealing with their respective clients.... Truthfulness, honesty, integrity, confidentiality and professional behavior are the most essential aspects for the auditors in order to maintain ethical standards and also bring transparency while preparing an audit report....

Professionalism means that all auditing standards and auditing procedures must be followed whenever practical or possible.... Professionalism means that all auditing standards and auditing procedures must be followed whenever practical or possible.... When the auditor sees that if the representations in the financial statements are in violation of International Accounting standards, then the auditors recommend the adjustments that must be made to correct....

Chandler and Anderson propounds that in the united kingdom, the profession of auditing was brought about by the rise of abounding fraudulent cases.... (1996) corroborate that in the united kingdom, the professional accountants from the Institute of Chartered Accountants in England and Wales generally performed the external audit of all the listed companies even before the legal requirement was actually imposed on companies to get their financial statements audited from qualified accountants....

For, auditing standards mandate that external auditors must accept an audit engagement if they feel that their self-interests affect their independence.... The auditing standards on independence rule states that the auditor must not have any material self-interest in the clients.... The external auditors must pas the chartered accountant's exam in order be permitted by united kingdom law to get new audit clients.... The assignment considers the Statement of auditing standard no....

International auditing standards requires that all external auditors should only continue on an audit engagement if they feel that their self interests affects their independence.... The auditing standards on independence rule requires that the external auditor must not have any material self interest in the clients.... The auditing Standard no.... The auditor's membership in an organization that he is auditing is definitely not being independent in terms of auditing a client....

The auditors auditing standard no.... auditing theory and practice states that auditors must not sign as external auditors if their self interests affects the independence of auditors.... The auditing rule states that the auditor must not have any material self interest in the clients....

n addition, the united kingdom standards council required the auditors to explain the risks that had the greatest effect on the overall external auditing strategy.... The changes will be implemented by united kingdom companies listed in the local stock exchange.... urther, the audit reports of the 15 selected united kingdom companies vividly comply with the new audit requirements.... The Financial_Standards Council (united kingdom) required the implementation of the new audit standards....

The paper delves on the heightened risk audit of Indus Gas Ltd Company of united kingdom.... The paper delves into the heightened risk audit of Indus Gas Ltd Company of united kingdom.... The paper delves into the heightened risk audit of Indus Gas Ltd Company of united kingdom....