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The nature and functions of auditing are that it determines and requires accountability. That accountability is in regards to the financial statements that are presented to the public, the creditors, the stockholders, the employees, and investors of a company. The need for auditing was described by U. S. Supreme Court Chief Justice Warren Burger in a 1984 Supreme Court decision. This statement is presented in the very beginning of our text and as such indicates the importance of auditing. "By certifying the public reports that collectively depict a corporation's financial status, the independent auditor assumes a public responsibility transcending any employment relationship with the client. The independent public accountant performing this special function owes ultimate allegiance to the corporation's creditors and stockholders, as well as to the investing public. This "public watchdog" function demands . . . complete fidelity to the public trust." (pg 3) The audit function......

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Approximate Word Count: 957
Approximate Pages: 4 (250 words per double-spaced page)

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