In any industry, there are ethical issues that may have a direct impact on the outcome of a financial audit. For example, in the oil and gas industry where companies often make use of complex accounting practices to mask their actual performance, it is essential for auditors to remain vigilant and aware of potential ethical issues. This includes understanding how transactions are reported, being aware of how management has interpreted rules and regulations, looking for irregularities or inconsistencies in data provided by third parties, examining procedures applied during acquisitions or divestitures, making sure that contracts are appropriate and valid, verifying internal control activities conducted by management (Thomas & Marston 2019), and taking into account non-financial risks such as environmental compliance.
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