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How to Write a Summary of an Article? House Auditing is extremely important to our businesses, our state and federal government, investors, banks, and our overall economy.
Without auditing there would be plenty of room for mistakes. To break it down auditing follows a certain process of steps using financial statements and tax returns to evaluate an organization in an unbiased way. Once this is done a written report is made by the auditors to give the organization the credibility they deserve.
This credibility is passed on to interested users such as; banks, stockholders, and management. The purpose of this paper is to explain the nature and functions of auditing, and relate them to an organization in which we are familiar.
All together there are 10 different GAAS that are used to establish the quality of performance and the overall objectives to be achieved in a financial statement audit.
The results are then distributed to the general public. A compliance audit focuses on whether or not a firm is following rules and government regulations, such as the Sarbanes-Oxley Act that requires duel-purpose auditing and compliance audits.
Operational audits focus on activities in relation to objectives. This is also known as a management audit. Basically the PCAOB oversees auditors of publically traded companies to protect investors, creditors, and the general public. Registering public accounting firms that audit the financial statements of public companies.
Setting quality control standards for peer review of auditors of public companies and conducting inspections of registered public accounting firms.
Setting auditing standards for audits of public companies. Setting independence and ethics rules for auditors of public companies. Performing other duties or functions to promote high professional standards? Auditing is vital to the growth of our businesses, our local and federal government, and our economy as a whole.
Assurance services and the integrity of financial reporting. Auditing and assurance services.Audit Risk should be considered when planning and performing an audit of financial statements in accordance with generally accepted auditing standards.
Sep 06, · Accounting essays / Accounting And Auditing Processes Justin Denman Accounting and Auditing Processes March 4, Writing Assignment #1 Revenue Recognition Policies The purpose of this paper is to compare the revenue recognition policies of two companies in the search, detection, navigation, guidance, and aeronautical systems industry.
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Audit of Long-Term Debt The long-term debt working paper (indexed K-1) on attached doc. was prepared by client personnel and audited by AA, an audit assistant, during the calendar year audit of American Widgets, Inc., a continuing audit client. Current Topics in Accounting Research April 6, Dr.
Peter R. Gillett 3 Literature Reviews Please exchange and read each other’s literature.