title: : Principles of Auditing

Contents Resources Learning Outcomes After the completion of this assignment the students will be able to: 1) Auditing evolved and grew rapidly after the industrial revolution in the 18th century. With the growth of the joint stock companies, the ownership and management became separate. The shareholders needed a LIBRARY: report from an auditor, as an independent expert, on the accounts of the company managed by the Ray Whittington, Principles board of directors. The original objective of this audit report is to detect and prevent errors and frauds. of Auditing & Other Then it shifted to ascertain whether the accounts of the company are true and fair. Assurance Services, Mc Based on the above statement, discuss: Graw Hill. a) The advantages of auditing done by an independent expert. (OR) b) The limitations and challenges that can be facing an independent expert while doing this task. Open Educational c) The auditor duties and responsibilities in respect of fraud discovering. Resource: https://www.pdfdrive.com/p Describe the merits and demerits of auditing Employ the Professional Code of Ethics in auditing profession