Auditing Practices, Professionalism, Ethics, And Standards - Essay Example

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The paper "Auditing Practices, Professionalism, Ethics, And Standards" critically discusses the contemporary auditing practice and its flaws with particular focus to the professional ethics regarding auditor independence and a critique of the relevant standards…
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Auditing Practices, Professionalism, Ethics, And Standards
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Download file to see previous pages Auditor independence refers to the internal auditor’s independence and freedom from freedom from any form of control by parties that may have financial interests in the business under auditing (Baker, 2005, p.13). The independence of auditors particularly demands a considerable level of professional integrity, ethics and objective approach to the entire auditing process without any external influence. According to many experts, auditor independence may also be used in reference to the external auditors' exclusion from parties that may have financial interests in the businesses being audited. Generally, achieving independence is critically essential for the auditors to be able to effectively retain their objectivity and service reliability.
According to Sikka (2008, p.271), the current auditing practice of making auditors depend on their directors for their fees, remunerations, and profits has been widely blamed for the rising cases of corruptions, manipulations and integrity issues among auditors. Although it has been argued that auditors still redeem their status by appealing to and incorporating professionalism in their practice, this is not always possible as auditors just like other capitalist enterprises are often driven by personal interests particularly the need to increase their profits and market niches.
The contemporary Australian Audit ethical standards particularly require an integrity and objective approach to the audit process (Australia, 2011 p. 123). ...Download file to see next pagesRead More
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