Regulator expectations versus client expectations: Is there a middle ground?
By Alan Anderson
Transforming Audit for the Future
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“The New Manifesto for Accountants.“
The overarching goal of the audit is to issue the correct audit opinion. But what else do we expect from an audit?
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The word “audit” comes from a Latin word that means “to hear.” Originally, the official examination of accounts – what we would call an audit – was an oral procedure. And, for many centuries, listening was a primary way of gathering information in an audit. The Merriam-Webster dictionary defines audit as “a formal examination of an organization’s or individual’s accounts or financial situation” or as “a methodical examination and review.”
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