The auditing profession is facing unique technical challenges. These can be summarised briefly as:
-The rise of Internet based retailers and service providers with diversified international operations.
-The siting of key aspects of Internet based retailing operations in low tax jurisdictions using transfer pricing to move funds out of high tax areas into low tax jurisdictions or by carrying out actual trade in one country and invoicing from another, low tax, one - thus claiming that they are actually trading from the low tax jurisdiction even though all they have there is an office and computer invoicing system.
-The increasing use of blockchain and cryptocurrencies, principally Bitcoin.
-The question of going concern relating to high technology businesses developing specialised software applications.
Required:
a) How are these types of development likely to affect the auditing profession of the future?
b) How will this affect the skills required of individual auditors?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q20: You are an audit manager with Spottit
Q21: The Chairman's Report of Pudding plc states
Q22: Use the information in the following paragraph
Q23: State whether the following are true or
Q24: The audit of Bouncy Co is nearly
Q25: State whether the following are true or
Q26: Use the information in the following paragraph
Q27: The audit team at Harmonium Ltd, a
Q29: Sniffit & Koff plc is an established
Q30: Demand for increased regulation of the audit
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents