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Auditing and Accounting Ethics - Essay Example

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The aim of the paper “Auditing and Accounting Ethics” is to analyze the independent and unbiased approach as the most important quality an auditor posses. The Sarbanes-Oxley Act is considered as an important addition to the regulations ensuring auditor’s independence…
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Auditing and Accounting Ethics
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Auditing and Accounting Ethics

Download file to see previous pages... The act suggests undertaking continuous rotation of audit partners. It also emphasises increased financial reporting and imposes limits on certain non-audit services. The Sarbanes-Oxley act suggests reducing the economic interdependence of auditor and client. The economic rent provided to the auditors can only be gained as a result of long lasting relation ship between the auditor and the client, this condition in turn acts as a hindrance in the way of auditor to act independently. The threat of lawsuits often act as a motivator for the auditors to act independently as inefficient or unfair performance can result in shape of judicial action against auditors. In most of the studies undertaken it has been observed that the higher degree of threat to the auditors independence leads to authentic opinion. Its also found that auditor does not tend to change their decision with the varying degree of independence but change the decision process. i) Difference in the social and cultural values: Standard setting is a crucial process, which includes change. Some societies have open and flexible culture, which keeps on transforming with the time. But on the other hand closed societies have relatively rigid culture. The acceptance level of change in these societies is very low. In the case of the global harmonisation of standards a country adopting the International standards cannot complete the picture. In most of the studies undertaken it has been observed that the higher degree of threat to the auditors independence. ...Download file to see next pagesRead More
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