Auditing Has Been Mentioned Throughout the Textbook, Particularly Regarding the Federal

question 35

Essay

Auditing has been mentioned throughout the textbook, particularly regarding the federal mandates imposed by Sarbanes-Oxley. How can technology help improve the auditing process?

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Definitions:

Financial Statements

Formal records that outline the financial activities and position of a business, person, or entity.

Full Disclosure Principle

An accounting principle that requires companies to provide all necessary information in their financial statements that could affect the understanding of those statements.

Competitive Advantage

The unique advantage a company has over its competitors, allowing it to generate greater sales or margins and/or retain more customers.

Technological Innovations

New or improved technological products or processes that significantly advance the state of the art, within any field of technology.