The CPA Profession and the Role of the Auditor Example

Essays on The CPA Profession and the Role of the Auditor Essay The Role of an Auditor and Audit Firm Letter to Apollo Shoes Date To Apollo Shoes We Kantha Audit firm offer various services to  our  clients such as internal audit services. There has been a drastic change in the role played by internal audit due to increased globalization, economic conditions, and emerging risks (Braiotta, Braiotta, 1994). This state of affairs creates a changing environment and a  fresh  prospect  for internal audit to  display  its value. In the ever- hanging  environment,  numerous  companies are finding it difficult to  identify  and manage the complex risk exposures, of which will assist Apollo Shoes.  Our  firm  will  offer  services aimed at revolutionising the  function  of internal audit.  Our  company offers a combination of consulting services tackling the  vital  issues challenging internal auditors, such as risk assessments, technology, training, organizational and  process- reengineering, reviews on quality assurance, as well as benchmarking. Apollo Shoes can also benefit from an external  audit  of their financial statements. We as the  external  auditor  employ  a process that first begins with a wide  understanding  of your corporate  entity  or  business. Secondly, we  consider  risks faced by your company, the risk control measures employed by the management and the  level  of transparency during reporting of findings to stakeholders (Moeller Robert, 2004). The core elements are the capabilities to  adapt  consistently to business  expansion  and dynamic needs, proactive  recognition  of issues and  timely,  cooperative  resolution- involving  management  all through the process. Furthermore,  our  company utilizes a  universal  audit methodology on all  audit  practices not considering the  location  in order to achieve  consistency  and uniformity in approach.  Our  firm also has  continuous  and  persistent  commitment to continuo us expansion. We will also  offer  regulatory compliance and reporting service to Apollo Shoes. This aspect ought to be examined as a typical extension of the governance roles undertaken by corporate boards and top management (New Zealand, 1995). This is because only  proper  governance can  ascertain  that compliance runs parallel to Apollo Shoes business objectives and strategies of risk management. Thus, in so doing adding not only  cost  but also  real  value to your company. We offer advice, support, and regulatory services to assist organisations carrying out regulator- controlled activities to  handle  regulatory risks in an  environment  that is ever- changing.  Our  firm  aims at employing a proactive as opposed to a monitoring  approach  as part of its strategic necessity. In addition,  our  firm  will also  conduct  Apollo Shoes systems and process assurance service. In the  modern- day business world, financial reporting and IT environments are increasingly becoming complicated as increased dependence  is placed  on the data emanating from these processes and systems (Moeller Robert, 2004). Furthermore,  numerous  countries have  new  regulations putting more  stress  on internal controls and habitually need  autonomous  assurance  of the  efficiency  of internal controls. In order to achieve timeliness and accuracy of management decision- making and financial reporting information, of  vital  importance is documentation, attention to detail, and controls  operation. Through  our  continued professional service and relationships with our clients, we offer third party assurances as a critical component of our auditing process. This is in line with the changes in business environments, increase in demand for transparency and  trust  as companies depend  further  on other companies to meet their corporate goals (Maletta, 1989). During the current  tough  and  volatile  economic times, obtaining a competitive  edge  and being confident in your processes, controls, procedures are  business  necessities. Companies must develop innovative methods to increase efficiencies while lowering costs to be market leaders.  Our  firm  will  present  Apollo Shoes with  assurance  further than the audit of financial statements, by delivering  creative  solutions  necessary  for augmenting revenue, market share and  market  reputation. In order to provide the above services there are qualifications that auditors should possess. The first and most basic requirement is being a professional accountant by attaining membership of an accounting body called IFAC and meeting the requirements set out in IES 1 to 6 (Maletta, 1989). In addition, one should possess an undergraduate degree and have exemplary skills, knowledge, professional values, practical experience, as well as attitudes and ethics prescribed in the mentioned accounting standards of which all our audit team members have. Furthermore, apart from meeting the requirements of IES 2, audit professionals should be knowledgeable mainly in three vital areas: financial accounting and reporting, financial statement audit, as well as information technology (Moeller Robert, 2004). They should also have had relevant practical experience prior to being effectively involved in an assignment of financial statement audit. This experience either can be pre- qualification, or be obtained during or after professional accountancy qualification. This experience can be achieved under the supervision of an auditor in an appropriate organization. This is to ensure a great level of diligence and professionalism, as auditors are financial watchdogs Our  audit  team consists of professionals knowledgeable and experienced and stipulated above. The team consists of experienced risk regulatory professionals, such as ex- regulators who, in addition to understanding the rules, have assessed and implemented compliance against them (New Zealand, 1995). We  are adequately staffed  with experienced audit seniors and assistants who will  advice  Apollo Shoes strategic level managers to capitalize on any competitive  edge  from operational level to  regulation, and reduce the disruptions and costs facing your business, therefore, creating  efficient  management of time. The  audit  team  is mandated  to ensure  safety  of Apollo Shoes from reputational  damage  and regulatory infringement. While auditing management systems, the perspective of the auditor spots opportunities for improvements that result in improved performance (Braiotta, Braiotta, 1994). The auditors play a role of observing trends and processes and  engaging  people within the representative group of the organization, such as  middle  level and senior managers, ensuring the effective implementation and functioning of the management system and verifying its alignment with their wants and needs. We as the auditors after  our  examinations and audits make recommendations and  report  our findings expressing our  opinion  through our audit report to Apollo shoes. Yours Sincerely Audit Manager Kantha Audit firm References Braiotta, L., Braiotta, L. (1994). The audit committee handbook. New York: Wiley. Maletta, M. J. (1989). The effect of inherent risk and control design strength on external auditors decisions to rely on internal audit functions. Ann Arbor, Mich: UMI. Moeller, Robert R. (2004). Sarbanes-Oxley and the New Internal Auditing Rules. Wiley. New Zealand. (1995). The role and functions of the Audit Office. Wellington: Office of the Controller and Auditor-General.