Audit Practice in Global Perspective: Present And Future Challenges

Abstract

This paper discusses the history of audit and its development particularly Enron and Worldcom scandals as some of the audit failures that increased the challenges of auditing firms to remain unbiased and independent of their clients. Secondary data was used to review the existing literature on the subject. Descriptive method was used to present the changes that occurred in the historical development of auditing. It traces the evolution of audit into a field of fraud detection and financial accountability to the advent of Industrial Revolution of 1750 to 1850 and states that as business increased in complexity, risk-based auditing makes auditing more efficient and economical than before. It highlights the global developments in audits. The author posits that as business environment gets more globalised and complex, auditing would be more challenging and the quality of the professionals involved in audit would be very important in maintaining audit quality.

Keywords: Audit, Auditing, Historical Development, Audit Challenges, Accountants, Professionals.