Auditing and Assurance for Intermediate Accounting - MyAssignmenthelp

Auditors play an important role in ensuring that the Australian investors must be confident about their decisions for the investments. The high quality of the audit is being undertaken by the help of the quality audits that supports the quality of the financial reports and also enables the investors to investors. The construction of the work can be easily made by depicting the concerns which are contributed to the likelihood of the auditor (Horngren, 2014). Therefore the objectives can be easily outlined as per the Australian Auditing model and also the Auditing standards are also followed. The accountants and auditors are having a wide opportunity in the market as the companies have to prepare the financial report with the help of accountants and auditors. The Accounting rules and standards require that the companies have to appoint external auditors to determine and evaluate the fair value of the company. The stakeholders of the companies demand better tracking of the financial health of the company. The changes in the accounting rules, regulations and laws require help from the accountants and auditors by the companies (Weirich, Pearson, & Churyk, 2014). It has become very important for the organizations to present the financial report in an appropriate manner in front of the stakeholders. It has changed the accounting processes of many organizations, and they are depended on the accountants and auditors to prepare the financial statements. The opportunities can be easily explained in the form of the remaining auditing process which is being used for showing the unch anging of the decades that also enables them to have the appropriate test. This simply defines the categories of the auditing liaisons which is being used for the usage of the evolving technology. This simply undertakes the appropriate and actual verification of the payments that is being used for recording the information. The auditing profession in Australia operates under the co-regulatory regimes. The largest professional bodies: CPA Australia, the National Institute of Accountants and Institute of Chartered Accountants in Australia have in place codes of ethics and rules that governs the professional conduct of their members. ASIC provides direction for the registration of the auditors. Thus, the auditors have the wide scope to enter into the auditing profession. Any individual who wants to become an auditor is required to make the application for the registration to ASIC (Stice, & Stice, 2014). The individual should satisfy the requirements for the registration as an auditor which includes experience and educational requirement as per the ASIC. The individual should be capable of carrying out his/her auditing duties. ASIC have powers to determine and evaluate breaches of the rules and regulations by the auditors. Membership of the professional accounting body is considered as the legal requirement for becoming an auditor. The subparagraph 1280 (2)(a)(i) of Corporations Act states that members of CPAA or ICAA should satisfy the educational qualification requirements in order to be registered as an auditor. Most of the auditors are the members of one of the bodies. The professional bodies provide wide opportunity to the auditors in order to carry their auditing practices in an appropriate manner (Bodnar, & Hopwood, 2013). The accounting standards changes their rules, laws and standards which need to be followed by the organizations. The organizations have to appoint the accountants and auditors in order to prepare their financial statements as per the accounting standards. The Auditing and Assurance Standards Boards publishes and develops the auditing standards that are similar in framework to the accounting standards that are issued by the AAASB. The CPAA and ICAA have developed the joint code of the professional conduct as the ethical code (Ricchiute, 2006). The audit firms have to carry out their accounting process in an ethical manner which means fair representation of the financial statements. The audit firms also provide wide opportunity to the auditors to continue their auditing profession.   The audit firms have also provided with opportunity under the Australian Auditing Model.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The overall explanation is seemed to be revolving around the opportunities, and the challenges that are faced by the Auditing profession are discussed in this case with the help of the Australian Auditing Model. The use of the artificial intelligence system is also explained in this case which is showing the appropriate applications in the field of accounting and auditing. The preparation of financial statements in an appropriate manner is very much important for the organizations.   Bodnar, G., & Hopwood, W. (2013).  Accounting information systems. Boston: Prentice Hall. Horngren, C. (2014).  Accounting. Toronto: Pearson Canada. Parker, L., Guthrie, J., & Milne, M. (2008).  Accounting, auditing & accountability journal. [Bradford, England]: Emerald. Ricchiute, D. (2006).  Auditing. Mason, Ohio: South-Western/Thomson Learning. Stice, J., & Stice, E. (2014).  Intermediate accounting. Mason: South-Western/Cengage Learning. Weirich, T., Pearson, T., & Churyk, N. (2014).  Accounting & auditing research. Hoboken, NJ: Wiley.

PRSP as an Indicator of Change Essay Example | Topics and Well Written Essays - 2000 words

PRSP as an Indicator of Change - Essay Example The PRSP approach has five principles--country driven, results-oriented, comprehensive, partnership-oriented, and long-term perspectives. The intention of these papers was to give developing countries the opportunity to become involved in their own poverty reduction strategies. As of 2002, an overview of the papers indicated that more monitoring was needed for the studies. Instead of being nationally derived, content across countries showed little variation, with external advice from outside sources and, in this respect, was not very different from the previous SAPs. The report called for more engagement between government and civil society. In addition, it was noted that countries were concerned primarily with stabilisation and only secondary with growth ("Overview"). Critics note that the similarities between SAPs and PRSPs show that the banks, and the countries that fund them, are still overly involved in the policy making process. It is difficult to determine the success or failure of PRSP as an instrument of significant change within the International Financial Institutions without exploring the various areas covered by PRSP as well as defining poverty as it affects the world. The Eldis Poverty Resource Guide supports analyses of poverty and related implications of social and economic policies within Africa, Asia, and Latin America, where large pockets of poverty exist. The focus of this essay will be on these three areas plus Eastern Europe to determine whether any significant change has been noted in the fight against poverty. Some areas explored by Eldis are urban poverty, rural poverty, human resources and education, as well as second generational poverty. Poverty, however, cannot be measured primarily in income or expenditure terms. It has multiple dimensions and different levels, as follows ("World Bank"): Monetary poverty - The World Bank regularly estimates poverty based on the $1 a day poverty line, converted to local currency at latest exchange rates. Income and consumption are examples of monetary indicators of poverty. Illiteracy - Lack of education as a precursor to poverty is one of the dimensions to be considered in a study of poverty. Skilled workers are more apt to be hired than unskilled workers, who have trouble finding secure employment. In a society more and more dependent on information technology, lack of education is very much a part of the poverty overview. Social exclusion - Those excluded from development and forced to live on the margins of society. When a country has been excluded for a long period of time, it is difficult to change attitudes which have led to that exclusion. Absolute poverty - This can be defined as the number of people living below a certain income level, based on a specific poverty line. Relative poverty - It measures the extent to which a household's financial resources fall below an average income threshold for the economy. Objective - Indicates people's access to different kinds of resources. Subjective - Indicates standard of living people actually enjoy. Each facet of poverty needs a different approach and, depending on type of poverty, each phase of financial assistance for individuals falls under different or multiple

Integration of Evidence-Based Practice into Professional Nursing Research Paper

Integration of Evidence-Based Practice into Professional Nursing Practice - Research Paper Example Evidence based practice for nursing implies not merely using only the best research evidence in patient care decisions, but also includes the factors of clinical expertise, patient values and preferences or circumstances, and clinical assessment and history of the patient in these decisions (Finkelman & Kenner, 2010, p.380-381). Presented here is an example of evidence based clinical nursing practice. A patient was admitted to the ICU subsequent to a cardiac arrest. The patient arrived at the ICU on a mechanical ventilator, basically stabilized, and appeared to have no problems of ventilation and oxygenation. After a short while the clinical experience of the staff nurse prompted her to call for support from an advanced nurse practitioner (APN), as she was not happy with the increased effort that the patient was showing in breathing. The APN arrived and found the patient struggling slightly in breathing, and the first impulse was to check, if the ventilator settings were okay and the ventilator was functioning satisfactorily. All was fine on that front, and though there seemed no reason for alarm, as the patient did not appear hemodynamically compromised, the APN decided to examine the patient closely relying on the experience of the staff nurse.