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Describe the reasons why you feel that the audit profession has been criticized over the current...

Describe the reasons why you feel that the audit profession has been criticized over the current regulations

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Answer #1

These are the reasons behind the criticism:

- The audited financial statements do not contain information about the critical estimates and other judgements made in preparing the financial statements.

- The information provided by the auditor doesn't include information on the governance and controls of the company being reported on.

- Most of the scams were the results of the failure of the auditing ( i.e. Aurthur Anderson)

- They doesn't provide useful information on the quality of audits performed by the specific firms inspected to the public.

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