The audit profession inside and outside the firm

Abstract

Due to the shift in societal expectations, one can analyse, and interpret the history of auditing thanks to the historical growth of the profession both inside and outside of the company. The study's goal is to investigate the audit profession, internal and external audit, professionalism, and commercialism theoretically. Hero gains understanding of the nature of materiality, evidence, professional judgment, and skepticism in auditing from the audit profession. According to pertinent literature, the accounting and auditing professions have made significant contributions to the credibility of financial reporting through their pronouncements. The paper contends that the policeman theory of auditing, which is a component of the theory of accountability that aids in explaining the evolution of auditing in the corporate sector, acts as a link between the audit profession inside and outside the corporation.