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Caribbean Brewers

In: Business and Management

Submitted By parallel89
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413- Debate Speech

Opening:

The CICA states in their “Understanding Financial Statements” document that the independent audit is the highest level of “reasonable” assurance that a company is presenting fair and applicable data based on the standard IFRS/ASPE frameworks. Two key words are repeated in this document, reasonable and independence. Audit results are reasonable as absolute certainty is not possible with the judgment, testing, and the limitations of internal controls, which are beyond the auditor’s control. Audits are done as a persuasive more so than a conclusive tool for shareholders.

Independence is required for an audit as it adds overall value to the evaluation. The value of independence conducted by a certified professional accounting firm includes proximity, flexibility, compliance, collective interest of the industry, and general access to resources.

1) Proximity – audit independence allows the company to choose a professional accounting firm that is closer to their industry, especially in rapidly changing sectors it is beneficial to have an auditor who is familiar with that type of market. This allows for more detailed and current information to be presented, evaluated, and reported as problems can be identified in a more timely fashion. A lot of times with regards to industry proximity and understanding, government regulators are playing “catch up”, as quoted in a Harvard Financial Reporting debate article.

2) Flexibility – the flexibility that an independent audit allows for includes fewer overall hurdles to gain access and interpret information as well as less training to comprehend reasonableness of reported data and various processes used in their business operations. This also means that a chartered accountant in certified firm that deals regularly with an industry can deal with unpopular and complex issues with much more…...

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