In general
sense, Auditing
Assignment Help refers to the systematic process of inspecting the
financial activities of an organization. It is basically used to determine the
accuracy of the financial statements of a particular company.
In a
company, Auditing refers to the independent examination of the financial records
of both financial and non-financial organizations irrespective of their legal
forms and size. In simpler terms, Auditing is done by the auditors through the
inspection of various records and booksand accounts followed by a physical
inspection of the inventories and other working bodies of the company.
All the public
listed firms have to get their auditing done before they declare their results
of the quarter.
One of the
most important relevance of Auditing
Assignment Help in business is to make sure that all the financial
statements are recorded right as per to the financial standards of the market.
Steps of
Auditing:
There are 4
major steps in the auditing process.
1.
Defining
he auditor's role
2.
Planning
the audit
3.
Compiling
the information from the audit
4.
Reporting
the results
Types of Auditing
Auditing can be conducted by internal as well as external
bodies. Let's take a look at different kinds of auditing.
1.
Internal Audit
As the name
suggests, Internal audits are conducted by the internal bodies of the
organization instead of being interrupted by the external bodies. The purpose
of internal audits is to be used by the management bodies of the company as
well as the stakeholders.
The perk of
getting internal audits done regularly is that it aids in better
decision-making as it portrays a clear picture of the company's Auditing
Assignment Help l statements as well as the flaws in it. Thus, it gives
air to healthy and productive discussions among the employees and management of
the company.
2.
External Audit
External
audit, as the name suggests, is a kind of audit that is done by outside bodies
or third parties.The perk of getting External audits done is that as it is
performed by authorities from outside of the company, it is mostly unbiased and
fair that sometimes is not available in the audits done by internal bodies of
the organization.
It clearly
states the flaws and inefficiencies of the company's financial records and
thereby adds a lot to the financial progress of the company. It also helps a
lot to the stake holders as they get a clear perception on the company that is
being audited.
3.
Government Audits
Government
audits are obviously the Auditing
Assignment Help that are administered by the Government bodies to keep
track of the financial statements of the organizations. The intention behind
conducting Government audits is to make sure that the financial statements
provided by the many organizations are completely accurate so that there is no
issue in the taxation system. It is to make sure that every organization is
paying the right amount of tax they should be paying to the government as per
the income of the organization.
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