Auditing and Professional Practices Global Business Management

Question: Discuss about theAuditing and Professional Practicesfor Global Business Management. Answer: Auditing refers to the process of examining and verifying various accounts of a company. It is desired that the report of the auditors should reflect the true and actual financial position of the company as the investment decision is dependent on that report. In this process, the auditors need to be ethical and must comply with all the legal issues of the profession. The auditors need to be independent; and at the same time, they should keep in mind that the interest of the public is attached with the process. Hence, they should be ethical and must comply with all the rules and regulations of the audit profession (Salem 2012). As per the given case study, Games Limited was involved in some kind of corruption. The director of the company wants to remove the existing audit team and wants to recruit a new audit partner. The audit partner can accept the offer, but he should keep some facts in mind. One of the facts is that the new audit partner should be loyal to the profession and he will not go into any kind of illegal audit agreement with the director of the company. He should be neutral while auditing the accounts of the company and must provide the true financial reports (Everett and Tremblay 2014). He must comply with all the governmental rules and regulations of auditing. He must take all these above discussed aspects into consideration before taking the job for the company. References Everett, J. and Tremblay, M.S., 2014. Ethics and internal audit: Moral will and moral skill in a heteronomous field.Critical Perspectives on Accounting,25(3), pp.181-196. Salem, M.S., 2012. An overview of research on auditor's responsibility to detect fraud on financial statements.Journal of Global Business Management,8(2), p.218.