Auditing Essay

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Sherifat Balogun Individual Paper Introduction Despite the relatively short pause in development due to global crisis, over the recent several years there have been seen a growing of economies in number of countries which involved mobilization of investment from public sectors. In turn, many people have increased their interest towards the money they have invested. Therefore, significance of the independent audit has considerably increased over that time. Investors are willing to receive adequate and reliable financial reports, prepared by qualified auditors. However, there have also arisen some issues and concerns about the quality of auditing due to number of cases which revealed auditing negligence. It led to increased attention to the quality audit from the controlling and regulating bodies in many countries. The aim of this report is, first of all, to research whether India has any official documents in order to support and regulate quality auditing. Secondly, to find out about the existence of a set of auditing standards and their nature in case they exist in India, as well as existence of Code of Ethics for professional accountants. Finally, the report aims to compare the quality of auditing in India with Australia’s experience. Case 1 The quality of audit in Australia is supported and regulated by a number of means. In particular, the Corporations Act and the ASX Listing Rules have these functions. Similarly, there are some documents in India that were introduced in order to provide technical guidance and support for the quality auditing. Another document that appealed to support auditing quality in India is the Indian Securities and Exchange Board’s (SEBI) listing rules. In fact, it represents an equivalent of the ASX listing rules. The SEBI issues and listing rules regulate all activities of those companies that offer their securities to the public.

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