Auditing and Assurance for Intermediate Accounting - MyAssignmenthelp

Question: Discuss about theAuditing and Assurance for Intermediate Accounting. Answer: Introduction Auditors play an important role in ensuring that the Australian investors must be confident about their decisions for the investments. The high quality of the audit is being undertaken by the help of the quality audits that supports the quality of the financial reports and also enables the investors to investors. The construction of the work can be easily made by depicting the concerns which are contributed to the likelihood of the auditor (Horngren, 2014). Therefore the objectives can be easily outlined as per the Australian Auditing model and also the Auditing standards are also followed. Main Body Opportunities of auditing profession under Australian Auditing Model The accountants and auditors are having a wide opportunity in the market as the companies have to prepare the financial report with the help of accountants and auditors. The Accounting rules and standards require that the companies have to appoint external auditors to determine and evaluate the fair value of the company. The stakeholders of the companies demand better tracking of the financial health of the company. The changes in the accounting rules, regulations and laws require help from the accountants and auditors by the companies (Weirich, Pearson, Churyk, 2014). It has become very important for the organizations to present the financial report in an appropriate manner in front of the stakeholders. It has changed the accounting processes of many organizations, and they are depended on the accountants and auditors to prepare the financial statements. The opportunities can be easily explained in the form of the remaining auditing process which is being used for showing the uncha nging of the decades that also enables them to have the appropriate test. This simply defines the categories of the auditing liaisons which is being used for the usage of the evolving technology. This simply undertakes the appropriate and actual verification of the payments that is being used for recording the information. The auditing profession in Australia operates under the co-regulatory regimes. The largest professional bodies: CPA Australia, the National Institute of Accountants and Institute of Chartered Accountants in Australia have in place codes of ethics and rules that governs the professional conduct of their members. ASIC provides direction for the registration of the auditors. Thus, the auditors have the wide scope to enter into the auditing profession. Any individual who wants to become an auditor is required to make the application for the registration to ASIC (Stice, Stice, 2014). The individual should satisfy the requirements for the registration as an auditor which includes experience and educational requirement as per the ASIC. The individual should be capable of carrying out his/her auditing duties. ASIC have powers to determine and evaluate breaches of the rules and regulations by the auditors. Membership of the professional accounting body is considered as the legal requirement for becoming an auditor. The subparagraph 1280 (2)(a)(i) of Corporations Act states that members of CPAA or ICAA should satisfy the educational qualification requirements in order to be registered as an auditor. Most of the auditors are the members of one of the bodies. The professional bodies provide wide opportunity to the auditors in order to carry their auditing practices in an appropriate manner (Bodnar, Hopwood, 2013). The accounting standards changes their rules, laws and standards which need to be followed by the organizations. The organizations have to appoint the accountants and auditors in order to prepare their financial statements as per the accounting standards. The Auditing and Assurance Standards Boards publishes and develops the auditing standards that are similar in framework to the accounting standards that are issued by the AAASB. The CPAA and ICAA have developed the joint code of the professional conduct as the ethical code (Ricchiute, 2006). The audit firms have to carry out their accounting process in an ethical manner which means fair representation of the financial statements. The audit firms also provide wide opportunity to the auditors to continue their auditing profession. The audit firms have also provided with opportunity under the Australian Auditing Model. Conclusion The overall explanation is seemed to be revolving around the opportunities, and the challenges that are faced by the Auditing profession are discussed in this case with the help of the Australian Auditing Model. The use of the artificial intelligence system is also explained in this case which is showing the appropriate applications in the field of accounting and auditing. The preparation of financial statements in an appropriate manner is very much important for the organizations. References Bodnar, G., Hopwood, W. (2013).Accounting information systems. Boston: Prentice Hall. Horngren, C. (2014).Accounting. Toronto: Pearson Canada. Parker, L., Guthrie, J., Milne, M. (2008).Accounting, auditing accountability journal. [Bradford, England]: Emerald. Ricchiute, D. (2006).Auditing. Mason, Ohio: South-Western/Thomson Learning. Stice, J., Stice, E. (2014).Intermediate accounting. Mason: South-Western/Cengage Learning. Weirich, T., Pearson, T., Churyk, N. (2014).Accounting auditing research. Hoboken, NJ: Wiley.