Audit Quality Regulating Audits Quality

Question: Describe about the Audit Quality for Regulating Audits Quality. Answer: 1, Scientific perspective of Brownes: Whilst one part of the brain studies facts and how the facts come together, the other part processes symbols and analogies. Discussions are made herein reveals about the presentation of different perspectives regarding accounting and auditing. The procedure in which audit both apply provisions an auditor and the management during preparation of books of accounts and verification of records have been mentioned below: The following approach specified that during the assessment of book of account, the foremost step is to check that the accounting standards are being adhered or not during the preparation of accounts (Soh, and Martinov-Bennie, 2011). The entities policies help in governing the adequacy of the basis of accounting. It is possible to perceive that the first segment of Brownes perspective that one part of the brain studies facts and how the facts come together is specified in relation to the accounts of an entity. Being it a fact, the current data of an entity is analysed for some time period in accordance with the previous data available (WANG and YAN, 2010). The next part of Brownes perspective is in association with the preparation of accounts in accordance with the standards nonetheless in any uncertain situation arise, then the books of accounts shall be presented in an authentic view which will be fair enough in case if no standard is being followed (Holm and Zaman, 2012). On the basis of analysis done it is said that the preparation and assessment of accounts are done as per the standards and at the same point of time another segment of brain analyses the other factors because of which standards do not adhere. It is important that an auditor frames an opinion regarding the entity books of accounts. As per the concept stated above, the audit of each entity is made with a common view that all shall be in tune with the standards and not that the errors shall be evaluated (Schneider, 2010). But still during the assessment of books if any abnormal data or transaction is perceived to happen then the detailed analysis is made. The perceptions and ways of auditing are formed on the base of the eminence of internal control and also the data, i.e., stored by an entity. Happening of any unreasonable transaction indicates that presence of any mystical symbols and analogies in them respectively (Francis, 2011). It consecutively has its effect on further transactions; as an auditor once assesses any suspicion will always think twice in considering the acceptability of any transaction. The occurrence of errors is possible only when management of an entity is not allowing proper communications with its creditors to verify its balances and also not communicating itself with them in order to receive communication (Titera, 2013). The opinions drafted by an auditor are reliant on the circumstances put forth after the final completion of all books of accounts assessment. It is not adjudged on the basis of previous year opinions or on the part of books of accounts. References: Francis, J.R., 2011. A framework for understanding and researching audit quality.Auditing: A journal of practice theory.30(2). pp.125-152. Holm, C. and Zaman, M., 2012, March. Regulating audits quality: Restoring trust and legitimacy. InAccounting Forum(Vol. 36, No. 1, pp. 51-61). Elsevier. Schneider, A., 2010. Assessment of internal auditing by audit committees. Academy of Accounting and Financial Studies Journal.14(2). p.19. Soh, D.S. and Martinov-Bennie, N., 2011. The internal audit function: Perceptions of internal audit roles, effectiveness and evaluation.Managerial Auditing Journal.26(7). Pp.605-622. Titera, W.R., 2013. Updating audit standard-Enabling audit data analysis. Journal of information systems.27(1). pp.325-331. WANG, G.Y. and YAN, H., 2010. An International Comparison of Internal Audit Standards [J].Journal of Audit Economics.2. P.002.