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Essay / Research Paper Abstract
This 5 page paper considers the way in which the auditing profession does not fulfil the role it was set up to do. The writer considers the scope and extent of the problems and some of the proposed solutions. The bibliography cites 7 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEchgaud.rtf
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Unformatted sample text from the term paper:
indication that auditors are failing to perform the jobs they are changed with. Some of the perceived failures in some instances are not the failure of the auditors, but the
problem of the expectation gap. The problem with the perception of the auditors is that there is an expectation gap, the expectations of the general public and even the shareholders
perceive the duties of the audit as reaching further than they actually do. In a company receiving the OK from an auditor than the public may be reassured that all
is well with the company, and this may not be the case. This is the expectation gap, as if the investor is relying on the auditor to protect their investment
then they are in a difficult situation, as the auditor has no direct liability to the decision made by an investor based in their audit. The role of being the
balance for shareholders as a result for limited liability can be seen as compromised. The auditing is supposed to be undertaken by an independent company to give independent results. As
seen with the Enron case in the US, this was not the case. There are rules laid down to create a separation and
independence between the auditor and the company. The regulatory framework in the United Kingdom can be seen as divided into different sections; There are the statutory legislation with instruments such
as the implementation of the EC Forth Directive through the Companies Act 1981 and many later companies acts, such as schedule 4 in the 1985 act which lays down the
content and format of the annual reports (Elliot and Elliot, 1999). In addition to this there are also mandatory regulations, such as the Statements of Standard Accounting Practice, known as
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