It is necessary to emphasise the importance of audit firms in Jordan and similar contexts
educating auditors and supervising them on the importance of dealing with fraud risk factors in a
financial statement audit, since many of these may potentially cause an incentive or an opportunity
to commit fraud. This is particularly important for audit firms in developing countries that are
members of international audit firms and have to apply a worldwide audit methodology and
programme of detailed procedures. The international audit firm should monitor the application of
these procedures and continuously educate its audit members around the world as to the importance
of fraud risk factors and modifying audit programmes as a result. A similar responsibility of
monitoring and educating auditors and supervising their performance lies with audit associations
and regulatory authorities in Jordan and other developing countries.
Avenues for future research on fraud risk factors and their effects on audit programmes
include replicating this study in different contexts to explore how views of auditors in different
countries (developing and more-developed) differ, why such differences exist, and how they may
affect the practice of auditing. In addition, more detailed studies (in different contexts) on
modifying audit programmes as a result of the presence of fraud risk factors, and the reasons for
possible differences in results would be very useful in contributing to our knowledge.
It is hoped that the findings of this study will contribute to our understanding of the
application of the financial statement audit in different contexts, and potentially improve the quality
and effectiveness of auditing in Jordan and in similar contexts.
It is necessary to emphasise the importance of audit firms in Jordan and similar contextseducating auditors and supervising them on the importance of dealing with fraud risk factors in afinancial statement audit, since many of these may potentially cause an incentive or an opportunityto commit fraud. This is particularly important for audit firms in developing countries that aremembers of international audit firms and have to apply a worldwide audit methodology andprogramme of detailed procedures. The international audit firm should monitor the application ofthese procedures and continuously educate its audit members around the world as to the importanceof fraud risk factors and modifying audit programmes as a result. A similar responsibility ofmonitoring and educating auditors and supervising their performance lies with audit associationsand regulatory authorities in Jordan and other developing countries.Avenues for future research on fraud risk factors and their effects on audit programmesinclude replicating this study in different contexts to explore how views of auditors in differentcountries (developing and more-developed) differ, why such differences exist, and how they mayaffect the practice of auditing. In addition, more detailed studies (in different contexts) onmodifying audit programmes as a result of the presence of fraud risk factors, and the reasons forpossible differences in results would be very useful in contributing to our knowledge. It is hoped that the findings of this study will contribute to our understanding of theapplication of the financial statement audit in different contexts, and potentially improve the qualityand effectiveness of auditing in Jordan and in similar contexts.
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