Auditing "the profession of auditing exits mainly because it is a statutary requirment for incorporated companies. if such requirement was not, there no one will engage the services of auditors" Do you agree with statement? Provide reasons in support of your anwer.

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I don't agree. Shareholders want to know that a company's financial statement is legitimate. There are other instances, such as banks if the company needs a loan. Other comLanier that might want to partner would also have interest.
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I would not necessarily agree with the statement. Although most professional auditing companies exist because of laws requiring accountability, I think that public pressure and private auditing firms would act in much the same method without those laws. One major problem with private auditing firms today is that they must continue a business relationship with their clients; if they return a bad audit, they might be passed over for the next audit. In this sense, publicly instituted auditing firms are slightly better able to perform in objectivity; they can give an honest report without worrying about being "fired" next year.

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