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The Goal Of The Accounting And Audit Professions Essay

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The goal of the accounting and audit professions is to provide statements and information on behalf of a firm that are reliable and relevant to users. In order to accomplish this goal, the accounting and audit professions have continuously evolved in order to meet the needs of said users. In this new age of accounting, we feel the need for accountants and auditors to further modify their methodology and process. With the focus of accounting and auditing staying the same, we in the profession must be sure to strive to produce valuable information to the end users. First we will discuss the importance of intangibles and their value to a company. This value is being under disclosed using traditional accounting methods, and therefore the accounting profession must be modified in order to properly value intangibles when presenting users with the finished financial statements. Secondly, this paper will divulge into how the effects of corporate disclosures through new media may inadvertently force auditing profession to adapt accordingly. Due to corporations having the ability to disclose earnings using new media, the users of this information need to be able to recognize that it is trustworthy. Lastly, the idea of new emerging technologies causing the auditing profession to change will be discussed. While companies have yet to adapt the mainstream use of computer systems, the future of bookkeeping will most likely be done entirely by computer systems, thereby rendering the
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