The Auditing Profession
Introduction
With the answer to the competitive world of business as well as in financial channels and auditing, certain changes are needed to be done. All of the given strategies are needed to be assessed first to be an appropriate improvement. The areas for progress should be stable and aligned in the corporate objectives as well as in corporate values. In terms of the relationships between an auditor and to the users, there should be a clear specification about the related work ethics and non-bias decisions if the financial industry is planning to aim a better future for their business. It should be reliable and with accuracy if all of the information as transferred into writing.
Auditor’s Relationship
Professionalism starts in the world of education. The training fosters the knowledge and the experience enhances the processes and procedures. Due to the raising of performance in professional world, the auditing world taken steps such steps to sustain the credibility it already gained in the past years. Every company aims for improvement and the performance in the financial auditing should take participation in recognizing the idea of improvement. The quality of performance of professional service is already recognized as a strategic, yet critical program. There should be a better plan to achieve the improvement and the standards to make it possible. The professionalism can be only gained if the conduct of the professionals as well as their relationship will collect the changes for the aim of improvement.
Based on the ideas of changes, auditors as well as their clients should anticipate the differences of the old strategy to their professional transformation – all for the idea of improvement. The program is more about the quality of their performance to measure the exerted effort resulting to excellence in the nature of work of the auditors. The proficiency level incorporated in the improvement starts in the foundation of the basic knowledge and will crate changes. Moreover, the changes to make the performance turn into the proficiency level one requirement are to expand the entry of proficiency in the area where an individual can learn the basic knowledge through a comprehensive education and expansion. The continuing professional education standards in accounting and auditing practices will result in the idea of improvement.
Other than that, there is an available review for the accounting and auditing standards that keeps the people being aligned in all the proficiency strategies to avoid being involved in all allegations and substandard of performance. The audit concerns and practice enables all the employees to be alert in the nature of their work. The people engaged in the business of accounting and auditing is subject under the watchful eyes and on the commitment in doing a quality performance.
Factors that Affects the Changes
There are changes implemented due to some important focus of improving some areas of auditing. The regulation or the regulatory environment is the most basic reason on making the changes being implemented. About the industry competition in delivering the right service and company objectives, the entire organization should be subjected for alignment. Organizations cannot shut their eyes in the changing economic views on business and therefore, the company goals and strategies are needed to be under some changes.
Another factor is dealing with the company or the organization. The control environment such as the management of the overall process and procedures should be center in one goal. The honesty and integrity of the organization in terms of making business reliable is the most specific and valuable idea to pursue the goal of improvement. The organizational competence can be about the internal and external affairs. Internal competence happens in the times when the people usually find the ways to improve their capabilities and knowledge about their work. Meanwhile, the external competency is related in the working environment of the firm against the other firms. Many firms are viewing the competency on another as a competitive advantage and keeps to pursue their motives. Most of the firms values the systems and the human resource and treat the two factors as their main ingredients.
Companies often give incentives or rewards, which depends on different forms and award it to the most valuable employee. The incentives and rewards are viewed by some business analyst as the most basic way to improve or boost the competency of the employees in terms of working conditions. On the other hand, the performance pressure is another way to establish focus on making their work preferences more centers on the company objective. Meanwhile, there is a small relevance in the managerial style and attitude of the organization in leading their people. There is also significant impact in terms of the technological concerns. The system, integration of data, and functions are part of the technology revolution on the business. And the organizational budget is the least factor that can contribute to the changes in auditing.
Impact of Changes
The corporate social responsibility of the sector will experience the changes and can record a great impact. Furthermore, the ethics, values and company culture is being affected by the changes. The technological aspect is also affected which is firstly being part of one of the factors to promote changes. Since there are changes in updating, processing, and procuring of documents, the security features and accuracy are needed to be emphasized. The knowledge management is being part of the changes that can be in the matter of communication and human resource management. These are the answers to keep up with the pace of change in the system, competency, sufficiency in workforce and supervision.
Credit:ivythesis.typepad.com
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