Comparing The Proposed New Audit2 - 4153 Words

Compare and Contrast the proposed new audit2 I.0 Introduction Auditing is a subject that applies to most business as there is the need to make constant financial sense of the resources they are employing as well as what they are getting out of it. When taking auditing as a profession into consideration, there is the need to understand that auditors just like lawyers have an association that they have to answer to in terms of their conduct while performing audit operations. The body allows for rules and regulations to apply so as to allow for a standardize means through which audit process will universally apply for any given nation. In the U.S., the current audit report procedure that allows for auditors to apply a given number of process†¦show more content†¦For 2 Compare and Contrast the proposed new audit3 this report paper, it will take into consideration addressing and understanding the proposed changes and how they stand to change auditor’s line of work. The paper will discuss the concepts of disclosure and CAMs in length for an easier understanding of the situation and well as address some of the issues that can potentially or have raised from the concepts of proposed changed. The report will also look into possible recommendations and address areas that need further study before making a conclusion. 2.0 Discussion of the Concepts/facts reviewed From the available literature review in regards the comparison of the proposed new audit report and opinion with the one in effect through 2012, the one thing that stands out is that the proposed new audit report is looking to improve on the current one. This is mostly in relation to how auditors will be making reports to the customer perhaps for an easier understanding of their financial operations. The comparison makes to facts to be reviewed and that is the introduction for the need for auditors to make clear declarations of their final decisions and the other is the use of CAM. 2.1 Pass or Fail Explanation The need to make this change was perhaps a much needed change given that the current audit report does not facilitate its users with the luxury