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In this paper, you are supposed to answer hoe can entry level individuals learn to improve on skills of professional skepticism and how do you think society wants an auditor to maximize independence. You are required to present a clear structured report on Auditors Professional Skepticism.
Auditors Professional Skepticism
How can Entry Level Individuals learn to improve on skills of professional Skepticism?
Do you think Society Wants an Auditor to Maximize Independence?
2c) Do you think Society Wants an Auditor to Maximize Independence
I believe the society want one to maximize on their independence since this will allow them to act in the interests of professionals without fear or chancing that they can be manipulated. A high level of independence is very likely to show one’s commitment to being the best at what they do. With independence, I feel I will be better placed to audit the statements and show the true financial problems in some instances prevent cases of looming challenges such as financial downfalls witnessed in companies such as Enron.
3 a) Federal Government’s Adoption Of Legislation To Address Financial Catastrophes
Adoption of the legislation to prevent collapsed as witnessed in the last one century has played an essential role in motivating the public to gain independence that there will always be crook, but the government will always be on the side of the public seeking to restore both confidence and punishment to the offenders. All the cases that have been documented have shown the government proactively acting in the interests of the public never relenting to find justice and in some cases such as the 2008 financial meltdown chipping into the rescue institutions. All of these actions are part of restoring the confidence (Church et al 2014).
3b) should the Government and Regulators Legislate an Auditor’s Actions, Objectivity, and Professional Skepticism?
History has shown that whenever new laws are established, individuals will always be seeking out for ways to break the law and the more the government institutes legislation, the higher the chance it will curb all avenues that will prevent professional malpractice. Regulation of these traits acts as a way of creating awareness on some of the issues that these auditors should look out for in a bid to attain a high level of professionalism (U.S Securities and Exchange Commission, 2016).