Watch The Video: Auditing Is A People Business And Participa ✓ Solved

Watch the video Auditing is a People Business and participate

Watch the video Auditing is a People Business and participate in the discussion. Please focus on interpersonal relationships between people rather than the details of the topic they discuss. In the video, you see (a) junior staff who communicates with the client, (b) the client – Margo, (c) partner, (d) audit senior (who is sitting next to the junior staff). Pick one person you either connect with the most or aspire to be in your career. Explain why you picked the individual. Does the audit engagement depicted in the video seem what you have expected? Discuss anything that surprised you or you noticed in particular.

Paper For Above Instructions

In today's fast-paced business environment, the field of auditing holds a unique position that transcends mere numbers and financial statements; it thrives on the relationships formed between individuals. The video titled "Auditing is a People Business" illustrates a dynamic audit engagement, showcasing various interpersonal interactions among team members and clients. In this analysis, I will reflect on my connection with the audit senior presented in the video, discuss my expectations regarding the audit engagement, and highlight any surprising elements that emerged throughout the observation.

Connecting with the Audit Senior

The character that resonated with me the most in the video is the audit senior. This individual, who holds a position of greater experience and responsibility, exemplified several qualities that I admire and aspire to develop in my career. The audit senior not only demonstrated technical proficiency in handling audit-related tasks but also exhibited strong interpersonal skills that are crucial in this business.

What I found appealing about the audit senior is their ability to facilitate communication among team members and build rapport with the client. They served as a bridge between junior staff and the client, ensuring that both parties felt heard and valued. This role warrants a high level of emotional intelligence, as it requires understanding the needs and concerns of different stakeholders, especially in a field often perceived as rigid and numbers-driven. The audit senior's calm demeanor and approachable nature made them seem like a mentor, fostering a collaborative environment that ultimately contributes to successful audit outcomes.

Aspiration to Develop Leadership Qualities

As I embarked on a career path in auditing, I aspire to emulate the leadership qualities exemplified by the audit senior. This includes not only being adept at the technical aspects of auditing but also honing my ability to connect with clients and team members effectively. The impact of these relationships can be significant; a supportive and communicative work environment can lead to increased employee satisfaction, lower turnover rates, and higher-quality audit results. Furthermore, the ability to nurture these relationships can enhance one’s reputation within the industry, paving the way for future opportunities.

Expectations vs. Reality in Audit Engagements

Initially, I expected the audit engagement depicted in the video to focus predominantly on the analytical and procedural aspects. My previous understanding was that auditing revolves around examining financial records, ensuring compliance, and mitigating risks. While these elements were indeed present, what surprised me was the emphasis on interpersonal relationships and communication skills throughout the engagement. The proactive approach of the audit senior in guiding junior staff while maintaining a cordial rapport with the client was particularly illuminating.

The video highlighted the importance of fostering trust and transparency during the audit process. Clients, like Margo in the video, are not just participants in the engagement but essential partners whose input and concerns must be acknowledged. This insight reshaped my viewpoint on auditing from a task-focused vocation to one deeply rooted in collaboration and relationship-building. It is evident that effective auditors not only possess technical expertise but also have the capacity to connect with various stakeholders on a personal level.

Surprising Elements in the Engagement Process

Throughout the video, there were several surprising elements that stood out to me. For instance, the direct communication between the junior staff member and the client showcased the trust that can be built through effective dialogue. The junior staff was given the opportunity to express their thoughts and questions, which demonstrated that even less experienced team members can have valuable contributions to the discussion. This approach encouraged a sense of ownership and responsibility among junior members, enhancing their learning experience.

Another surprising aspect was the emphasis on active listening. The audit senior made a point of acknowledging the client’s concerns and questions. This act of attentiveness not only reinforced the rapport between the client and the audit team but also showcased a genuine commitment to addressing the client’s needs. It was a powerful reminder that clients appreciate auditors who are responsive and engaged, further emphasizing that auditing is, indeed, a people business.

Conclusion

In conclusion, the video "Auditing is a People Business" illuminated the critical role that interpersonal relationships play in the auditing profession. My connection with the audit senior stems from their exemplary leadership qualities, which I aspire to cultivate in my career. The expectations I held regarding audit engagements were challenged, revealing the unexpected importance of communication and relationships in successful auditing practices. The insights gleaned from this video serve as a valuable foundation as I continue my journey into the world of auditing, where connecting with people remains a vital component of the process.

References

• American Institute of CPAs. (2020). Enhancing Audit Quality: A Guide for Audit Firms. Retrieved from www.aicpa.org
• Elder, R. J., Beasley, M. S., & Arnold, D. F. (2017). Auditing and Assurance Services: A Systematic Approach. Pearson.
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• International Federation of Accountants. (2021). The Future of Audit. Retrieved from www.ifac.org
• Moeller, R. R. (2018). Executive Guide to Financial Services Risk Management. Wiley.
• Rezaee, Z. (2016). Financial Statement Fraud: Prevention and Detection. John Wiley & Sons.
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• Young, S. S. (2019). Interpersonal Skills: Essential for Success in Auditing. CPA Journal. Retrieved from www.cpajournal.com