THE RISK AND DANGERS SURROUNDING AUDIT PROFESSION

Auditing is a branch of accounting that deals with detection of financial and commodity irregularities in an organization. The main aim of auditors is to ensure there is efficiency in accountability of sales and expenditure funds in any organization.

Potential auditors are accounting students that choose to specialize in auditing. As an auditor, there are few Undergraduate Project Topics you should see regarding auditing profession. Some of the topics are listed below:

1.  Automated forensic auditing and fraud control in Nigeria

2.  The role of auditor in achieving organizational objectives

3.  The challenges of prospective auditors in a computerized environment

Auditing job in Nigeria is one of the most risky professions to take especially in the public sector in Nigeria. A lot of auditors have lost their lives in line of duty reason being that most of them do not work to collect bribe or cover illicit act. But that does not mean that people will not be going for accounting course that is related to auditing.

How Can An Auditor Be Safe In Delivering His Or Her Duty?

There so many ways an auditor can stay safe in course of delivering of his or her duty:

1.    An auditor should be polite at all times

As an auditor, you should understand that you are not at war with members of staff of your organization; you guys are still colleagues, you should socialized with your colleagues but be observant. Be very polite at all times; this will help make your colleagues feel free to talk to you.

2.    Understand that there are so many ways you can do your job effectively without having issue with your colleague

What I mean here is that in a polite way when you detect fraud or any form of financial irregularities; do not be in a haste to report to the higher authority; you guys can come to dialogue so as to enable the person that is found misappropriating funds return the fund or balance his or her account. But in a situation when the person becomes heady about making positive change then you can report to the high authority.

3.    As an auditor be mindful of what you eat in the office

30% of auditors died as a result of poison. Yes there are your colleagues but it is very ok not to eat anything you see at your place of work. This is one of the best ways of staying healthy and safe.

There are so many things we need to consider as an auditor but due to limited time I will like to stop here.

Academic research suggests that investors and other financial statement users refer to the existing auditor’s report only to determine whether the opinion is unqualified because it does not provide any other informational value about the particular audit. Glen et. al, (2011).

During the Board’s outreach activities over the last three years; many investors have expressed dissatisfaction that the content of the existing auditor’s report provides little, if any, information specific to the audit of the company’s financial statements to investors or other financial statement users. During a financial statement audit, auditors obtain and evaluate important information concerning the company, the company’s environment, and the preparation of the company’s financial statements. Many investors have indicated that they would benefit from additional auditor reporting because they do not have access to, or may not be aware of, much of this information. Additionally, many investors indicated that auditors have unique and relevant insight based on their audits and that auditors should provide information about their insights in the auditor’s report to make the reports more relevant and useful.

Additionally, the auditor’s report is undergoing change globally. Several international standard setters and regulators, such as the International Auditing and Assurance Standards Board (“IAASB”), the United Kingdom’s Financial Reporting Council (“FRC”), and the European Commission (“EC”) have been working on similar projects to change the auditor’s report. Bryan et. al (2008).

After extensive outreach conducted over the last three years, the Board is proposing two standards under it s statutory mandate to “protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports”.

The proposed standards are intended to increase the informational value of the auditor’s report to promote the usefulness and relevance of the audit and the related auditor’s report.