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Auditing - Essay Example

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This paper Auditing talks that the duties and functions of an auditor involve delicate decision-making process, which has the potential to make or unmake a company. His position in the company requires outmost integrity and confidence since…
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Download file to see previous pages As the report declares the evolution of auditing ethical standards has abdicated the powers governing ethical issues of objectivity from the institutes and placed it in the hands of the ASB, this doesn’t seem to enough to properly control the behaviour of auditors in terms of objectivity and independence. In some cases, the Auditor becomes too financially dependent on the client that it cannot afford to give negative reports regarding the company for fear of losing his/her job. After all, good paying clients are becoming quite scarce nowadays. Other auditors are also providing very profitable advisory services to the client and even go to the extent of deciding for the company instead of merely advising the same.
This discussion stresses that standards be set and properly instituted through statutes to provide effective deterrent to potential violators. The low cost auditing services proves to be a major reason why most auditors are resorting to unethical practices of the profession to augment their income. Standards have to be upgraded in terms of professional fees for auditors to prevent them from becoming too financially dependent to the clients. The decision rendered by the Court on the Caparo Industries plc v Dickman case, it if now very difficult to prosecute the auditor. Two provisions of Civil Law can be used to sue auditors for breach of contract, where the client sues the auditor for giving clean report which the client subsequently feels unjustified, and for tort which can be brought to court by anybody other than the client being audited for breaching their duty. ...Download file to see next pagesRead More
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