“AUDITOR IS A WATCHDOG AND NOT A BLOODHOUND”

This statement is correct that the auditor is a watchdog and not a bloodhound. To understand the meaning of this statement we must know what is the difference between a watchdog and a bloodhound. A watchdog keeps a strict vigil on the house of the owner and the does not allow any outsider to enter the house or take away anything form it. It makes noise in case it sees any trouble and informs the owner about it. A bloodhound on the other hand, is a violent dog which catch holds any person who so ever enters his territory. It bites the person who trespasses his domain. It can even kill a person. The position of the auditor is same as that of a watchdog and not of bloodhound. He has to watch the activities and the business transactions very carefully. In case of any unwanted situation. The remedial action has to come from the owner of the entity. He has to discharge his responsibility by informing about the irregularity found in the audit. Naresh Vaid (ACA)

Advertisement

6 Responses to ““AUDITOR IS A WATCHDOG AND NOT A BLOODHOUND””

  1. Madhur

    Dec 26. 2005

    Respected Sir

    All our fellow Chartered Accountants are aware of the fact that auditor is not a blood hound. they have been reading it from their Intermediate level. We would appreciate if more current affairs related articles are being posted on this site which invite a lot of discussion. We do not intend to provide study material over here to all the professionals.

  2. Anik

    Sep 17. 2009

    thank you sir for your utmost sharing of this document .The information has satisfied me from all the sides

  3. RICHARD

    Jan 21. 2011

    THANKS FOR UR CLARITY

  4. Burhan

    Dec 05. 2011

    Very Nice and thanks.

  5. Tazin

    May 13. 2013

    In recent years, the redrafting of ISA 240 has made clear that the auditor’s role is no longer “watchdog” and is much more “bloodhound”. In the next few years, auditors may be expected to report on a company’s internal controls (as they already do in the US under SOX)….. So I think there is some shortage in writing !

  6. Y Dauda Banganje

    Mar 13. 2014

    Sir. what about dog features that are inborn, wont it be compared to other animal. considering audit duty internationaly.

Leave a Reply