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Audit And Assurance

Discuss about the Quality of Capital Market Accountant.

Sample Answer

Introduction:

During the process of audit evaluation, the auditors are responsible for making best use of the selected auditing standards. The independence of the auditor is denoted in terms of the freedom which is exercised either internally or externally from the parties who have financial interest in a company audited with fair techniques. In addition to this, the integrity and the objective approaches together signify the independence of the overall audit process. Hence, the independence of the auditors from the clients needs to be avoided from any effect on the audit opinion with formation of relationship. The auditors are further required to provide professional and impartial judgement on the financials to the stakeholders (Nasution and Östermark 2013).

The auditors are seen to exercise services which are outside the scope of client’s domain. These services are known as non-audit services. The services are considered as those management services which are responsible for promotion of client’s business and tax associated services. The rationale for providing these services has been identified in terms of making nonmonetary benefits are various types of other additional earnings. In addition to this, the aforementioned services are seen to result in the independence impairment associated to the auditors while providing of the services to the clients (Clout, Chapple and Gandhi 2013).

It needs to be further understood that the quality of audit is identified as significant complexity. This is due to the criticisms which are often drawn from the stakeholders and the regulators. On the other hand, advocacy is seen to be significant threat to the auditors which is highly dependent on a specific set of scenario. Advocacy is for the scene to denote the situation they are auditor

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