Summarise the paper"The business risk audit A longitudinal case Essay

Summarise the paper"The business risk audit A longitudinal case study of an audit engagement" - Essay Example In contrast, the longitudinal approach revealed the practices that were embedded in the auditing process. The paper has focused on the impact of BRA on audit engagement. In addition, administrators use methodologies that will increase the profitability of their firms. For example, audit methodologies can divert the attention of the staff from low-value added services by ensuring they focus on more value-added audit services during the process. Moreover, administrators have the power to determine the nature and scope of the audit process. Consequently, it is evident that they have a lot of influence over the outcome of the process. However, it is believed that they will not abuse this influence because they have to protect the legitimacy of their organizations and their profession. Furthermore, it is difficult for the administrators to control the activities of seasoned practitioners from the center of the organization. The introduction of the BRA was informed by the need to shift the focus of the auditor from the financial statement risk to business risk. In addition, it focuses on transforming the nature of auditing from a high volume one to focusing on high level monitoring based on the application of strong analytical tools (Curtis & Turley 2007, p.444). The administrators are concerned with the implications that the audit methodology employed will have on the firm. In contrast, the auditors are influenced by their personal beliefs and experiences. The latter often consider the guidelines that are provided by the former as frameworks rather than something that must be followed strictly. The firm can be sued if its methodologies result in an unexaggerated view of the business. Consequently, the administrators have to ensure that they create effective methodologies that are consistent with the expectations of regulators. The