The importance of Auditing Essay Example | Topics and Well Written Essays - 500 words

The importance of Auditing - quiz ExampleThe research paper is specifically meant to explore the reasons why developing countries in particular very much breach to meet their expectations in terms of economic outgrowth. As such, the hypothesis for the research is Implementing better correct auditing systems with severe consequences for non passing the audit will help developing countries to improve their economic development and avoid widespread corruption. Along with this hypothesis, the methods for selective information collection that will be mainly used embarrass qualitative research. This will be mainly comprised of secondary data obtained from published literature such as journals as well as other official documents in the same area of study. The main favor of using secondary research for this particular research is that the data going to be used is authentic. This data would have been validated in other previous studies.One of the reasons for the financial success of d eveloped countries is their assent on strict auditing practices. However, one of the reasons for the financial problems of many developing countries is lack of regulation of auditing system. Developing countries fail to apply the right plans for developing because they depend on accounting and neglect the auditing systems. By not involving auditing systems in the process, the range of corruption will increase. Unfortunately, accounting and auditing systems or procedures of developing countries are currently struggling to come about pace with those of the developed nations because they were specifically designed to meet the needs of centrally planned economy and not globalized economies (Prather-Kinsey, 2006). Therefore, the accounting systems lack uniformity as well as accounting standards because they are applied other than across industries and sectors.The auditing and accounting systems normally set clear objectives of providing accounting information related to tax, statistics , and financial