The Efficient Auditing profession

Question: The Auditing profession

 

Answer:

Introducing the candidate and explaining background:

Auditing helps an organization to evaluate the internal controls effectively. Incorporating an efficient auditing system is crucial for achieving the objectives of a business (Bell et al.2015). I am Brandon Smith and I work as an accountant in a law firm. I want to gain knowledge on auditing for advancing my career. Here, I am presenting the project to analyze how the auditing skills can help me in my profession. The project also includes analysis on the relationship between audit, assurance and attestation services.

Current and future career: 

The knowledge on auditing helps a professional to review both the financial and non-financial aspects of the business (Wu et al.2016). The knowledge on auditing can help an accountant to review the financial transaction records, revenue, expenses and the fixed costs for an organization. In addition, the awareness on auditing can help a professional to assess the financial policies of an organization and find out the areas which need improvement. The current discussion indicates that the knowledge of auditing is especially important for the professional accountants. The professional accountants need to deal with the financial information of the organization. Therefore, awareness on the accounting audit concepts can assist the accountants to review the financial policies of the organization more effectively. It is evident that the knowledge on auditing can help an accounting professional to work with more efficiency.The auditing helps a professional to review the non-financial aspects of an organization also Tepalagul & Lin, 2015). Therefore, the auditing knowledge can help an accountant to develop new skills for doing non-financial works also. It can be stated that the accounting professional can be able to perform non-financial tasks also after gaining the knowledge on auditing. So, the audit training can help an accountant for working in a new and broader job role also in future. 

Relationship between audit services, attestation services and assurance services:

The auditing services help an organization to review the financial and non-financial aspects of a business. The attestation services assist the organization to assess reliability of the organizational information whereas the assurance services are effective to improve quality of the information (). It can be stated that the using all the three services together help the businesses to adopt a holistic approach for better decision making by improving the information quality, reviewing the policies and assessing reliability of the data. 
The relationship between the audit, assurance and attestation services can be understood using the real-life examples. For instance, the financial audit can help an organization to understand whether the financial statements of an organization is prepared using the GAAP ( Generally Accepted Accounting Principles) whereas the assurance services involve external auditors who assess the financial statements of an organization and report about the financial status to other parties such as shareholders. On the other hand, attestation services help the organization to gain assurance over the prospective financial statements. 
The above discussion indicates that audit and assurance services help an organization to review and report on current policies whereas the attestation services assist the organizations to review the current policies with special focus on the future prospects too.

References:

Bell, T. B., Causholli, M., & Knechel, W. R. (2015). Audit firm tenure, non?audit services, and internal assessments of audit quality. Journal of Accounting Research, 53(3), 461-509.
Tepalagul, N., & Lin, L. (2015). Auditor independence and audit quality: A literature review. Journal of Accounting, Auditing & Finance, 30(1), 101-121.
Wu, C. Y. H., Hsu, H. H., & Haslam, J. (2016). Audit committees, non-audit services, and auditor reporting decisions prior to failure. The British Accounting Review, 48(2), 240-256.

 

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