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Your assignment is to prepare and submit a paper on auditing today & tomorrow.
Your assignment is to prepare and submit a paper on auditing today & tomorrow. The report denotes that the current auditing practices are valuable for corporate management, as opposed to small-time investors, and they do not cover areas such as the model of the business operation.
The report denotes that the main barriers to changes in auditing and corporate reports are the auditors and government regulators. It claims that organizations that do not enact an auditing process are not independent and it is extremely important for the capital market to insist on the auditing of the financial records of companies.
The PWC report concludes that investment professionals have a mixed view on non-GAAP information. The reasons of this doubts lie on the fact that the quality of the data itself is suspect. Companies do not follow a consistent manner of calculating data, making it hard for investors to make a comparison of the data with.
The report outlines the importance of an audit opinion. From the results of the survey, more than 80% of the investors prefer to invest in a company whose audit report outlines its financial records as reliable, and stable.
Some were of the opinion that audit reports arrive in late, this is after making an assessment of the report. The report further highlights that investment professionals do not read statements of an audit report. The organization argues that it is the corporate organizations that on most occasion, reads this reports.
One of the reasons as to why investors do not read these reports is because they do not provide data regarding consultations with external auditors, compromising their reliability. Another reason as to why investors take little interest in audit reports is because it does not make a comparison with an audit opinion.
The report is of the idea that auditing methods and techniques must reflect transparency and credibility.