We at No 1 Assignment Help consider Audit as an examination of the book keeping of account for a business house. This may comprise vouchers and many other documents as well as records of expenses or any other financial transactions, maybe a public or private body, corporation, institution, firm, or person, standing in any field of capacity, for ascertaining the correctness or accuracy. This also estimates the inadequacy of the documental records, an express opinion upon the Audit quality.
Objectives: The objective of Audit is to check the financial condition or regularity, its operating results, and the integrity of those in charge – to report to the different owners, other stockholders, company executives, boards of directors, security exchanges. These account for the objective and Securities and Exchange Commission, including by governmental or regulatory bodies.
To examine that funds of an organization have been correctly accounted for and all the affairs are properly carried out, for the satisfaction of the public, in the case of governmental, religious, educational, and eleemosynary schools.
Procedures for Writing A+ Grade Auditing Accounting Case Study
It is an investigation of the celebrated Business bodies and various auditing cases and matters. The audit Commission formulated and revised various rules related to accountant’s’ certification styles.
- The Audit should be sufficiently planned and cooperated and also to be properly supervised.
- There should be proper study and evaluation of the existing internal control based on reliance thereon and for the purpose of deciding the resultant extent of the tests to which auditing is carried out. Procedures are to be controlled. Sufficient competent proofs are to be collected through inspection, inference, and observation. This should inquire and confirm to carry a reasonable basis for any opinion related to the financial statements under Audit.
Standards of Audit Reporting
- We at No 1 Assignment Help provider make a report to assist the students so that the general standards are followed correctly that concern with the conditions necessary for the satisfaction of the other standards related to fieldwork and related reporting.
Training and proficiency of the Auditor
We always advise students to take care of the opinion of an auditor. This might be meaningless if the Auditor did not have adequate training and proficiency. We also include in our assignment writing about the laws that have provided for the recognition of people who are qualified to perform the desired function of auditing as a “certified public accountants”. These laws suggest the degree or education, training, and experience required for a fruitful audit.
We consider in our Case Study Help that the standards of fieldwork and its importance. We also advise that the quality of reporting may be referred to as the procedural nature of standards. Since they are concerned with :
- preparatory planning,
- evaluation of internal control,
- competence or evidential matter,
- the information presented in the report.
We feel that the primary functions of Internal Audit are to provide a check and review, which greatly prevents and identify errors or frauded data. Internal control is obtained through a division of duties so that not a single individual or department takes care of a transaction from beginning to end. For example, a person handling the cash should not work related to labor records. The time of work or prepare the payroll, nor a person taking care of cash, have any part in posting the accounts ledgers or preparation of statements to customers. Stock records and inventory control should be seen discretely from the shipping and receiving sections.
Auditing Case Study With Solution PDF
We consider Internal and external Audit activity, including evidence recorded in the books or original entry, together with documental support. This may comprise:
- bank statements,
- canceled checks,
- sales invoices,
- contracts, or minutes of stockholders’ and
- directors’ meetings, and
The Auditor reviews the internal evidential matter by the tests he makes for determining whether he relies upon the books of account.
External evidence is considered a supplement of internal evidence. For example, confirmation of the deposit at the balance sheet date is observed directly from the depositary, and requests for confirmation or accounts by the independent Audit for where practicable and reasonable.
The merit of Reporting:
Audit statements of an ongoing going concern are made on the assumption that the company will carry out its business. Consistency should be followed among the statements prepared at the end or for the successive periods. However, proper consistency did not preclude a desirable change in procedure for assets and expenses, but any modifications on the basis or valuation are sometimes accepted. The cost of acquisitions may be estimated either by the fair value of the consideration given or by the fair value or the property.
We, at No 1 Assignment Help provider, think that ravenous should not be regarded as earned assets until its increment been realized reasonably.
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