intoduction of recent trends in auditing
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please give me detail on recent trends in auditing
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An audit is a systematic and independent review of an organization's books, accounts, statutory records, documents, and vouchers to determine the extent to which financial statements as well as non-financial disclosures present a true and fair view of the concern. It also seeks to ensure that accounting books are properly maintained by the concern as required by law. Auditing has become such an omnipresent phenomenon in the business and public sector that academics began to identify an "Audit Society." The auditor perceives and recognizes the propositions before them for their examination, obtains evidence, evaluates them and makes an opinion based on their judgment which is communicated through their audit report.


Any subject can be audited. Audits provide third parties with assurance that the material is free of material misstatement. The term is most often applied to audits of financial information relating to a legal entity. Other areas that are commonly audited include: audit of secretariat and compliance, internal controls, quality management, project management, water management and energy conservation.

As a result of an audit, stakeholders can effectively assess and improve the effectiveness of risk management, control and the governance process on the issue.

The word audit is derived from a Latin word "audire" which means "to hear". During the medieval era, when manual accounting was frequent, auditors in Britain used to hear accounts read for them and verified that the organization's staff was not negligent or fraudulent.

Five key trends we observe are:

1. Evolving Role of Internal Auditors and Extending the Scope of Audits: Internal audit in organizations has evolved since the financial audit. Traditional role work - operations, systems, fraud investigations, and special project audit jobs - has taken a back seat to the most pressing regulatory compliance needs, as well as business process optimization. A properly structured internal audit function is being actively pursued, which impacts not only on regulatory compliance but also on operational excellence. Today, the role of an internal auditor has evolved from financial reporting on controls to risk management, prioritization of objectives and activities, elimination of complexity and redundancy, streamlining operations and Reduction of cost.

2. Business performance and quality assessments: Each stakeholder, management and audit committee is heavily reliant on internal auditing to provide assurance and build trust in the organization. The answer comes in the form of performance and quality assessments, an examination of the effectiveness and efficiency of the function. Continuous performance reviews and quality assurance activities built into the job descriptions and operational routines of the department provide a window into the work performed and the quality of operations. Audit staff can perform a check on topics such as: Does a comprehensive risk assessment serve as a basis for planning and implementation? Are stakeholders' needs met on time?

3. Organizational structure for accountability and transparency: Today's environment requires greater collaboration and a strong relationship between auditor and auditee at all levels. Therefore, the trend is towards the development of a structure that facilitates the healthy environment. This will encourage the free flow of information on any matter or concern between the auditee and the auditor. The organization should be structured in a way that facilitates accountability, ie, is not limited to the Audit Committee.

4. Moving from SOX compliance to risk-based auditing: By necessity, internal auditors have devoted their time, energy and resources in recent years primarily to SOX compliance activities. Now, it is time for internal auditors to reevaluate their activities and sharpen their focus on stakeholder expectations and risk-based auditing. Enterprise-wide risk management and fraud are also gaining precedence. On the other hand, modern technology-savvy companies require an additional approach in risk assessment, especially since these risks have the potential to impact organizations more quickly. Activities related to the detection and auditing of frauds Computer security also generates more responsibility in internal auditing.

5. Improving audit infrastructure and technological advancement: Large enterprises, especially with complex audit requirements that cover not only financial audits but also audits, evaluations and inspections related to operations, quality, security, suppliers and IT are improving the Technological infrastructure used to carry out auditing - from risk assessment and the creation and planning of an audit universe to audit data collection, reporting and remediation. Companies are migrating from their legacy systems, point-to-point applications and paper-based procedures to an integrated web-based audit management system. The technological advance allows the CAE to streamline and strengthen the internal audit function, which allows it to offer a more strategic value while reducing its operating costs. The expected benefits are better visibility for the entire enterprise, a transparent and collaborative environment, and data-driven decision making. The solution and tools available today provide a reliable means for monitoring access controls, observing closed loop processes, and analyzing critical data and KRIs.
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