Financial Reporting

Unfortunately, auditing is not necessary for effective financial reporting. Do you agree with this
statement? In 300 words, defend your position

Sample Solution

The role of auditing in financial reporting is an area of active ongoing research. Unfortunately, the auditor’s aim in the audit of internal controls is restricted to “professional opinion” on the effectiveness of the company’s internal control over financial reporting. Since internal control cannot be rendered effective if quantifiable flaws exist, to form a basis for expressing an opinion, the auditor must plan and perform the audit to obtain appropriate evidence that is sufficient to obtain reasonable assurance about whether material weaknesses exist as of the date specified in management’s assessment (Knechel & Salterio, 2016). A material weakness in internal control over financial reporting may exist even when financial statements are not materially misreported.

The Birth of the Illuminati Conspiracy

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illuminatiAt the start of 1797, John Robison was a man with a strong and since quite a while ago settled
notoriety in the British logical foundation. He had been Professor of Natural Philosophy at Edinburgh
University for more than 20 years, an expert on arithmetic and optics; he had as of late been selected
senior logical patron of the third release of the Encyclopedia Britannica, to which he would contribute
over a thousand pages of articles. However before the year’s over, his expert notoriety had been
obscured by an exciting book that unfathomably surpassed anything he had recently composed, and
whose stun waves would keep on resounding long after his logical work had been overlooked. Its title was
Proofs of a Conspiracy Against All the Religions and Governments of EuropeThe first release of Proofs of
a Conspiracy sold out inside days, and inside a year it had been republished ordinarily, in Edinburgh,
however in London, Dublin, and New York. Robison had hit a nerve by offering a response to the
extraordinary inquiries of the day: what had caused the French Revolution, and what had driven its
bleeding and wild advancement? From his vantage point in Edinburgh, he had, alongside a huge number of
others, followed with awfulness the reports of France dissecting its government, seizing its congregation
and changing its oppressed and brutalized populace into the most heartless battling power Europe had
ever observed—and now, under the rising star of the youthful general Napoleon Bonaparte, endeavoring
to send out the gore and annihilation to its encompassing governments, not least Britain itself. Be that as it
may, Robison accepted that only he had recognized the shrouded hand liable for the obviously silly
emission of fear and war that presently had all the earmarks of being devouring the world.

Many had found the underlying foundations of the insurgency in the thoughts of Enlightenment figures, for
example, Voltaire, Diderot, and Condorcet, who had magnified explanation and progress over power and
custom; however none of these generally privileged methods of reasoning had pushed an unrest of the
majority, and without a doubt a few of them had taken their lives on the guillotine. In the mid 1790s, it had
been conceivable to accept that the force hungry legal advisors and columnists of the Jacobin Club had
prepared the Paris crowd into their damaging free for all for their own closures, however by 1794,
Danton, Robespierre, and the remainder of the Jacobin heads had followed their casualties to the
guillotine: how might they have been the manikin aces when they had their own strings so fiercely cut?
What Robison was proposing in the fastidiously recorded pages of Proofs of a Conspiracy was that every
one of these operators of upset had been pawns in an a lot greater game, with desire that were just barely
starting to make themselves obvious.

The French Revolution, similar to all convulsive world occasions previously and since, had been brimming
with intrigues, reared by the speed of occasions, the frenzy of those got up to speed in them, and the
constrained data accessible to them as they unfurled. In Britain, foes of the unrest, for example, Edmund
Burke had guaranteed from the earliest starting point that “as of now alliances and correspondences of
the most remarkable nature are shaping in a few nations,” and by 1797 most accepted—and in light of
current circumstances—that mystery social orders in Ireland were plotting with Napoleon to topple the
British government and attack the terrain. The intensity of Robison’s disclosure was that it distinguished
inside the humming disarray of schemes a solitary hero, a solitary belief system, and a solitary general
plot that solidified the tumult into an epic battle among great and shrewdness, whose result would
characterize the eventual fate of world governmental issues.

Robison’s tremendous connivance required an overwhelming nonentity, a job for which Adam Weishaupt,
the author of the Bavarian Order of the Illuminati, appeared on a superficial level to be an unpromising
up-and-comer. Over the top and oppressive, Weishaupt had from the earliest starting point discovered
trouble in pulling in individuals to his mystery society, where they were relied upon to receive magical pen
names by him, go through the motions of his exacting inception grades—Novice and Minerval, Illuminatus
Minor and Major, Dirigens and Magu—and take up compliant jobs in his pompous yet unfocused campaign
for global control. After 1784, when the Order had been uncovered and restricted by the Elector of
Bavaria, Weishaupt had ousted himself to Gotha in focal Germany, since when he seemed to have done
little past delivering a progression of dismal and self-advocating diaries of his undertakings.

However there was much in the profession of the Illuminati that offered, to Robison in any event, a
perspective on an unquestionably progressively far reaching and evil plan. Weishaupt’s messianic feeling
of his own crucial the Order’s extreme structures alluded to a far bigger association than that which had
been uncovered, and its concealment had produced a chaos very messed up with regards to the threat it
spoke to. It had become a lightning pole for the profound tensions of chapel and government about the
plan of reason and progress that was being seeded across Europe by the sure vanguard of thinkers and
researchers. The Illuminati tumult had produced several screeds, polemics, handbills, and outrage
sheets, all contending to document the most cursing charges of heathen shame. It was these sources that
Robison had gone through years examining eagerly for accounts and claims to shape into the verifications
of the trick that he currently introduced. To the impartial spectator, Weishaupt and his Illuminati may have
offered a smooth similitude for the powers that were reconfiguring Europe, yet for Robison they had
become the exacting reason: the inside, hitherto imperceptible, of the snare of occasions that had
devoured the world.

Robison may have been an inaccessible onlooker of the Illuminati tumult, however he was no impartial
spectator. While Proofs of a Conspiracy came as an amazement (and by and large, a shame) to his
companions and logical associates, there were numerous reasons why the Illuminati had introduced itself
to him in this structure. His revelation settled long-standing doubts and clashes in the two his private and
expert life, and ringed specifically with his own inquisitive experiences in freemasonry.

By 1797, Robison’s character had taken a grave and morose turn, far expelled from the sprightly and
genial demeanor of his childhood. In 1785, he had started to experience the ill effects of a secretive
ailment, an extreme and difficult fit of the crotch: it appeared to radiate from underneath his balls, yet its
exact birthplace astounded the most recognized specialists of Edinburgh and London. In agony and every
now and again confined to bed, by the late 1790s, he had become a pulled back and segregated figure; he
was utilizing opium as often as possible, a system which as indicated by a portion of his colleagues made
him defenseless against despairing, disarray, and distrustfulness. As the progressive emergencies of the
French Revolution shook Britain, the frenzy was especially extreme in Scotland, where pastors and
judges prepared steady bits of gossip about fifth journalists and mystery Jacobin cells. Tormented,
vigorously sedated, and pounced upon by frightening news from the outside world, Robison had very
numerous dull strings to mesh into the plot that came to devour him.

Legislative issues had additionally tossed a long shadow over his expert life. The physical sciences were
in the grasp of another French unrest, drove by Antoine Lavoisier. During the 1780s, Lavoisier had ousted
the science of the earlier century with his revelation of oxygen, from which he had the option to build up
new hypotheses of burning and to start the way toward lessening every single material substance to a
fundamental table of components. Lavoisier’s transformation had part British science: some perceived
that his in fact splendid trials had changed the study of issue, yet for other people, his new and remote
phrasing was, similar to the French decimal standard and the progressive Year Zero, a haughty endeavor
to wipe away the aggregated shrewdness of the ages and to kill the job of God. The old arrangement of
science, with its puzzling types of vitality and its dialects of characters and standards, had promptly
contained the possibility of an actual existence power and the strange breath of the celestial; yet in
Lavoisier’s chilly new world, matter was decreased to latent structure squares controlled by the
quantifiable powers of weight and temperature.

Robison had never acknowledged the French hypotheses, and by 1797, had worked the new science
profound into his Illuminatist plot. For him, Lavoisier—alongside Britain’s most acclaimed exploratory
scientist, the disagreeing priest Joseph Priestley—was an ace Illuminist, working together with invaded
Masonic cabins to spread the convention of realism that would underlie the new skeptic world request.
Madame Lavoisier’s renowned salons, at which the main Continental ways of thinking met, were presently
uncovered by Robison to have been the scenes for profane rituals where the leader, wearing the stately
robes of a mysterious priestess, customarily consumed the writings of old science. Farfetched however
this picture may appear, it was of a piece with different evidences that Robison had gathered in his book
—for instance, the unknown German leaflet that guaranteed that, at the extraordinary savant Baron
d’Holbach’s salons, the minds of living kids purchased from poor guardians were dismembered trying to
separate their life-power.

The Illuminati had invaded Robison’s expert life, however his most close to home association with their
connivance came through freemasonry itself. He had been an individual from the Scottish Rite for quite a
long time while never viewing its hotels as more than “an affection for passing an hour or two out of a
stronghold of not too bad gaiety, not through and through drained of some levelheaded occupation�

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