Ethics and the Auditor Essay

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auditing comes with immense responsibility as it plays a vital role in maintaining a check and balance and establishes an organization's credibility and repute among its stakeholder. An auditor's report is a key document that most stakeholders use when taking decisions pertaining to an organization. For this it is important for auditors to show highest levels of compliance with ethics.

Auditors and Ethics

Audit and Ethics have a very deep relationship as one goes with another. Financial audit of clients needs to be ethical and it is an area of major concern as these companies hold the public stake. The base of ethical auditing is independence and beneath it lies the principles of honesty, professional diligence and due care, integrity and confidentiality. The basic part of ethical auditing which is independence focuses on the auditor's strict adherence to the maintenance of independence from having a financial interest in its clients. The world's major chartered accountant bodies have framed a standard code of conduct for auditor's compliance on an internationals level.

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Its main component focus on the basic principles through which any misappropriate or deceptive audit opinions can be prevented.

Another part of concern regarding audit is the confidentiality of the audit client and this is one of the basic principles of the code of ethics. Many companies have seen their trade secrets or other integral information being leaked due to confidentiality issues on the part of the auditor. Maintaining confidentiality is as important as other principles and breach of this principle can have serious financial and legal consequences for the company and the auditors themselves too.

Having discussed the two major principles of independence and confidentiality above, Integrity is the principle of audit ethics that most of the auditors lack these days. This is a principle of audit ethics which is very much ignored in practice due to time and other constraints on the auditing engagement. Integrity implies that a professional accountant should be straightforward and honest in all professional and….....

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