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    MA619 - GLOBAL AUDITING STANDARDS: BENEFITS AND IMPLEMENTATION CHALLENGES

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    RequirementsAs this is a research unit, and the objective is that you can carry out a research project in Accounting, Finance or Business. You may choose a research topic or you will be given a research topic by your Lecturer. You will choose your research topic no later than week 3 of your course. DO NOT COMMENCE YOUR LITERATURE REVIEW WITHOUT APPROVAL FROM YOUR LECTURERIt is essential that you decide promptly your area of research interest which can be in ANY of the fields of Accounting, Finance or Business. You have only 12 weeks to complete this course! Your Minor Assignment (30%) will ...

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    1. IntroductionIn the national and international market it has been evident that auditing standards are required to be developed that helps in assessing financial information of the organisation. Implementation of auditing standards helps in providing measure in the quality and objective that are achieved by the auditors. In this study, it has been assessed regarding the important of auditing standards and also provided detailed guidance related to pathway that helps in achieving market gaols. Use of auditing process in the recent global market helps in possessing clarity and builds effective reputation of the business in present market.  The main important to audit is that the process helps in maintaining effective accounting records that help to be free from fraudulent. 

    1.1 Background of study

    Auditing is a procedure that is used in an organisation to examine and evaluate financial statement. Based on the knowledge evident in the words of Carson, Fargher& Zhang (2016), it can be opined that auditing process helps in making a fair and accurate presentation of organisational transaction. In the recent global market it has been analysed that auditing work are performed by the external parties that are extremely helpful in removing bias when it comes to reputation of accounting that are made in an organisation to record financial transactions

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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