Abstract:
When examining the issues involved with auditing Y2K issues, it is important to understand the unique relationship between auditing and the Y2K problem. First, it is important to achieve a basic understanding of the year 2000 problem. This includes knowing the facts on monetary values affected, systems which are vulnerable, and why the problem exists. Next, it is important to understand the possibilities that the Y2K problem can have on business. Once the major consequences are understood, the major role of the auditor can finally be examined. The auditor has select responsibilities to uphold regarding material misstatement and going concern issues. These issues exist in every auditing engagement but must be applied appropriately when Y2K issues are present. In addition, Y2K issues require select disclosures that act as risk management measures for the company and the auditor. Due to the tremendous risks involved with the Y2K problem, it is important to know other useful risk management techniques. Once these objectives have been fulfilled, an examination of the unique relationship between auditing and the Y2K problem will be complete.
