It has been said that the next generation of auditing seeks to take full advantage of emerging technologies in a way that will improve audit quality. Which emerging technology do you believe has the most potential to improve audit quality? Why?

It has been said that the next generation of auditing seeks to take full advantage of emerging technologies in a way that will improve audit quality. Which emerging technology do you believe has the most potential to improve audit quality? Why?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

‘CPAs provide a wide array of information enhancement services referred to as assurance services.’ Discuss? Your answer should include the case of Huawei auditor’s report.
Which of the following BEST (select one) describes why risk assessment can be viewed as the foundation of the audit function: a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the audit process. b) Risk assessment enables flexibility in approaching audits and the performance of control testing. c) Risk assessment enables an orderly approach to conducting audits. d) Rsk assessment provides for a measurement criteria to evaluate audit results and communicate to management.
The Audit Expectation Gap A significant number of the concepts and processes we examined during the unit raised concerns around the audit expectation gap (see Porter, 1993). In a 2018 discussion series, KPMG focused on the need for better communication by auditors with stakeholders and users as being an important component in reducing the scope of the expectation gap. In their report, KPMG (2018) stated: 'Better and more communication about what matters to our stakeholders is one of the ways in which the audit profession can improve its relevance and restore trust'. Required: Critically evaluate the role of 'better and more communication' in reducing the scope of the expectation gap. In your answer, you may wish to think about the role of communication in relation to the three components of the expectations gap discussed by Porter (1993), including deficient performance, deficient standards and unreasonable expectations.
Assume your firm has decided to move forward. Referring to your evaluation of internal and external factors. explain why it would be appropriate for the external audit team to accept the client audit request. using examples to support your response
6. Risk assessment most commonly focuses on two criteria - impact and likelihood. As an organization's risk assessment process evolves, what other criteria might be valuable to consider and why? 1. They should also consider changes in the process since the last audit because that will help them better understand impact and help answer questions about what caused the issue.
1. Please explain main points of Docket 046: Quality Control (PCAOB). 2. What is/was the major focus of that standard - setting project concerning standard - setting activity? 3. Why does the subject matter to accountants and auditors in the future? 4. What was the result or conclusion reached (if the standard has been issued already), or what seems to be the main direction of the standard - setting project as of the date you reviewed it? 5. How might practitioners apply the article's recommendations or strategies in the real world of the auditing profession?
Explain how PCAOB inspections can lead to improvements in audit engagement quality.
What is the benefit of continuous auditing? (Select the BEST answer) a) Faster identification of risk and controls assurance b) Inexpensive to implement c) Skilled resources are readily available
It is expected that investors and other financial statement users will ultimately demand some assurance from an auditor or external party on a firm’s use of XBRL Discuss that statement showing the XBRL possible assurance objectives
What can we learn about the topic, strategic audit criteria for evaluation. Discuss it thoroughly.
Critically Analyse the importance of quality management in auditing and assuranceand recommend how audit firms can address any quality control issues and ensurecompliance with auditing and assurance standards.
What are the most important concerns facing the world now. The auditors' obligations in terms of analyzing the risks and uncertainties associated with a continuing concern are as follows: