Business Studies, asked by anzzahmed3893, 1 year ago

State the factors responsible for the growth of auditing.

Answers

Answered by gunjan010773p2afz3
2
1 Increase in size of business
2. Dynamic business
3. Legislation and regulatory requirements
4. Competition
5. Evolution of IT
Answered by sawakkincsem
8

Answer:

Factors responsible for growth of auditing are as following:

1) Increase in size of business

As there is growth in business size, level of operations all increases thus growth of auditing is required.

2) Dynamic business

Due to changes in technology a number of companies have become so dynamic such that their controls are updated on a continuous basis and this calls for constant feed back on those controls that necessitate updating.

3) Legislation and regulatory requirements

As the concept of corporate governance gains roots in business management, the growth for auditing is increasing.

4) Competition in the market

If a company is strong and is effectively controlling the operation only then it is able to survive in the competitive environment.

5) Advancement of technology

Industries have computerised the tasks once done by human being so these computerised systems need to be continuously reviewed and controlled.

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