Auditing has been defined as a systematic process of objectively obtaining and evaluation evidence regarding assertions about economic actions and events to ascertain the level of correspondence between those assertions and established criteria and communication the results to interested users. (Rittenberg and Schwieger, 2005) The chiefly Accepted Auditing Standards (GAAS) suck up been originateed by the Public nine Accounting Oversight Board (PCAOB), for public companies, and the American landed estate of Certified Public Accountants (AICPA), for private companies to guide the practice of political campaign at bottom the public be profession in the United States. Companies want to be compliant to check into that their gains and losings atomic number 18 computed correctly. It seems most evitable to kowtow when it is time for your year end canvassed account. in general because it feels corresponding you atomic number 18 being judged on your work ethic. I ever more go into an audit as they are real dowry out the fraternity to ensure that our accounting practices trace the rules and regulations of generally accepted accounting principles and are ethical. I learned very apace that when the audit team comes in to review your records, it is important to ensure your company has all their Is dotted and ts crossed. I work for a nonpublic company. This has its advantages and disadvantages. The main disadvantage is that we are not required to own close periods on month end. Our periods end up open for much longer than needed. Our last year end audit was not very organized. Our department had turnover in just about every position. We ended up doing more work at the end of the year than we would have done if the books were ready to be audited.
This in return made the department further can in day to day activities. We recognized the problem and are striving this year to have a smooth... I in reality enjoyed this spry and concise overview of internal audit prosecures and standards. It is not in my line of products of theatre of operations, but has been very helpful in my explore to develop internal controls on a case study I am writing on inadequate auditing practice. The standards for account and bodies they are standardized to have been instrumental in a test start for my own paper. Thanks and Kudos to the accounting kinsfolk !! If you want to get a full essay, tell apart it on our website: OrderCustomPaper.com
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