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Essay / Research Paper Abstract
This 5 page paper addresses the issues of fraud and independence in the auditing realm. New standards for fraud are included and solutions fro the dilemma of independence are provided. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: D0_Audind.rtf
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Unformatted sample text from the term paper:
of the European Confederation of Institutes of Internal Auditing" noted that there is a bright future for internal auditing in Europe ("The Year 2000," 1995). The newsletter expressed that rapid
economic, political, social, and cultural transitions must inevitably lead to new activities which will yield a greater emphasis on internal auditing (1995). It is projected that new internal auditing methods
will be utilized in response to the continuing revolution in the computer industry (1995). Due to its tremendous growth, new ways to commit fraud as well as the violation of
personal security is on the rise(1995). The changes seem to be happening not just in Europe but all over the world as advancing technology takes everyone, accountants included, by
storm. In the United States, deception has become an area of concern as well and, in fact, two emerging issues in auditing fall under the umbrellas of independence and fraud.
While most people have heard that fraud is a problem, it appears that independence is also a concern of late. Interestingly, technology is not necessarily the cause nor the solution
for these two dilemmas. Independence allows internal auditors to perform their duties freely and objectively("Statement of,"1996). The concept itself requires that internal auditors be independent of activities they audit
(1996) . Further, it is achieved through organizational status and objectivity as well (1996). What has cropped up as a problem today is something that should have been obvious long
ago. While it is expected that people should double check their own work, someone performing an overall inspection must be independent for two reasons. One is that they need to
come from a different perspective. One cannot audit their own work, or a neighbors, because they work under the same organizational philosophy. Someone who audits a document must do so
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