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As an investor planning the next investment, he or she would have to analyze the financial statements of the company. An expert worker would use his or her experience to interpret the data and ratio from the statements to make investing decision. Even the financial statements seem very profitable and would result a great reward, creditor, however, would have risk of losing their investment due to fraudulent financial statements. After many fraudulent cases have occurred, such as Enron scandal and World Com bankruptcy, auditing should be more concerned because auditor plays a significant role to ensure the integrity and reliability of the financial statement for public companies. In this paper I would discuss how auditing is being changed after some special event and what is the opportunities and future growth that related to the changes. Also, I would talk about some skills and personality traits basic concept of auditing. This paper includes four major sections which are opportunities and future growth related to auditing, skills and personal traits for auditing, personal strength and weakness related to this field and general issue about auditing.
According the interviewee’s information, auditing would include four steps in daily activities: planning, collecting evidence, evaluating evidence and issuing auditing report. In planning step, the auditor would develop some auditing programs to be performed in order to collect the evidence. For example, the auditor would test the company's internal controls. This would tell the auditor how much vouching of transactions would be required during the audit process. Usually, testing internal controls has to be done before the audit crunch time (December 31 to March 5th). The auditor might meet with the audit staff on a daily basis to determine the amount of vouching of transactions. Also, the knowledge of the auditor is very important because the auditor has to be aware of some potential problems involved in...