UK Auditing Regulations: The debate

Level: Undergraduate | Grade: 2.1 | Approx. Word Count: 1,100

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Overview

Since the early 2000's, there has been a continuing debate regarding the robustness and adequacy of the international auditing standards (IAB), which apply to the UK. This essay briefly reviews the arguments surrounding this debate.

The task of an auditor is to certify, after independent inspection by a recognised and suitably qualified auditing professional, the accuracy of the processes and records that support the financial information that has been presented within a corporation’s annual financial statements. However, despite the changes to the standards of auditing that were introduced in the early part of the new millennium, many corporate stakeholder group consider these have not led to an increase in the robustness of the audit outcome,