How can a financial auditor use the following topic in his future work?Analyze the roles of the parties that contribute to corporate governance, recognizing that each has its own internal governance structuresEvaluate the prescribed roles and responsibilities of the parties involved in corporate governance against their real-world manifestationRecognize both the motivations of and temptations faced by those involved in the governance process and evaluate them against processes and controls aimed towards ensuring ethical behavior and transparent, high-quality reporting.Distinguish form from substance as it relates to parties exercising control over an entity and learn to apply this knowledge when evaluating a variety of different accounting and auditing mattersDissect elements of certain seminal accounting and auditing events in order to evaluate their effect on the corporate governance landscape.

Answered: How can a financial auditor use the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How can a financial auditor use the following topic in his future work?

Analyze the roles of the parties that contribute to corporate governance, recognizing that each has its own internal governance structures
Evaluate the prescribed roles and responsibilities of the parties involved in corporate governance against their real-world manifestation
Recognize both the motivations of and temptations faced by those involved in the governance process and evaluate them against processes and controls aimed towards ensuring ethical behavior and transparent, high-quality reporting.
Distinguish form from substance as it relates to parties exercising control over an entity and learn to apply this knowledge when evaluating a variety of different accounting and auditing matters
Dissect elements of certain seminal accounting and auditing events in order to evaluate their effect on the corporate governance landscape.

Expert Solution

Step 1: Introduction to auditor

An auditor is referred to as a professional who is responsible for verifying the financial statements of a business entity and provide an opinion on its accuracy and reliability. In order to qualify to be an auditor, a person has to possess the required qualification and receive certification to perform the audit process from the regulatory authority of accounting and audit of the country.