The role of theory Auditing
The dictionary definition of a theory is:
a supposition put forward to explain something; an exposition of
the general principles of an art or a science as distinct from the
practice and execution of it.
So an auditing theory, if one could be developed, would explain practice
and put forward general principles. It has been argued that, if we had
general principles, we could use these to develop practices and to adapt
to new challenges and situations that might arise. Without principles,
procedures may evolve in an ad hoc manner, with no cohesion or internal
consistency.
In addition, if a theory could be developed, it could help to explain
practice, could highlight deficiencies and inconsistencies in existing
practice and could guide audit policy-makers and regulators in their
governing of the audit profession. It could also help teachers of auditing
to explain the practice of auditing to their students, who in turn could
gain a better understanding of their subject. Without a theoretical basis,
auditing would be the application of a series of procedures, more akin to
the practice of a trade, rather than a profession.
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