Describe the biggest ethical concerns in the auditing profession, why they exist, and how auditors can...

Describe the biggest ethical concerns in the auditing profession, why they exist, and how auditors can navigate ethical dilemmas. DON'T COPY & PASTE from any websites

Expert Solution

Auditing is an analysis and evaluation of financial statements for presenting the opinion in Auditor's report. There are many ethics and guidelines issued by PCAOB/AICPA, that is called "code of ethics".

There are following ethical concerns in the auditing profession:

Fulfilling the professional eligibility (education qualification and experience) to take up the audit procedure.
Following the principles, ethics and guidelines specified by PCAOB.
Collecting ethical and proper audit evidences.
Performing an audit process that is free from any fraud and error.
Getting financial statements that are free from misstatements.
Maintaining the public confidence in the auditor's report.
Independent audit, free from conflicts.

Auditor can navigate from the above concerns by due care in audit process, he should take the reasonable assurance. He should follow the principles, rules and guidelines issued by the higher audit authority. He should make sure that all the financial statements are free from error and fraud so that he can do justification with his profession.

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