Audit&Assurance Essay Example | Topics and Well Written Essays - 2500 words

Audit&Assurance - Essay ExampleTherefore the transnational institutions and the accounting bodies have recognized the need for streamlining the Auditing practices to meet the emerging challenges. International Accounting Standards have been the premier step in the right direction to address the issues evolved over a period of time, considering the internationalist implications oblige by the cross border transactions worldwide. Not sole(prenominal) the shift in methods of operations and the procedures concern in financial services, but also, the developments that have been continuously taking place in the production cognitive operationes, information technology, media and the latest technological innovations such as mobile telephony, Global Positioning System (GPS), Social Networks, and so forth necessitated revisiting the techniques adopted in auditing as well. The methodologies adopted in relation to auditing need to take into account these industrial and technological develo pments to enhance the efficacy and lend flexibility to the procedures in line with the fast changing environment. The international Federation of Accountants (IFAC) was set up during 1977 with a view to bring about uniformity in the profession on a global scale.The concept of Assurance is of recent origin, has generally come into existence by and by the companies have resorted to computerization of accounting during1980s. The various accounting scams in the corporate history have only strengthened the resolve to improve the professional standards in line with the technological developments and to enhance the level of transparency, and this report seeks to study the development of auditing over the period of time. When computerization gathered momentum, the important problems identified in the auditing process were mainly related to the understanding of the concept of the system adopted (especially the software), compatibility of the program with the established accounting practic es or the guidelines, the efficacy of the program to discern the pitfalls