We provide you with the most comprehensive and reliable auditing services in the market. Business financial reports is a source of important information to shareholders, potential investors, government, creditors and others interested parties. These parties rely on this information as an aid to informed decision making. It is thus important for the financial reports to be accurate and present the actual financial picture of the organization. To safeguard the interest of third parties relying on organization financial report; the reports has to go through auditing as required by law.
Auditing definition states that its the process of examining and evaluating the books of accounts to ensure that they reflect a fair and true picture of the organization. Auditing is among the most marketable business combinations all over the world. We provide auditing assignment help to students to facilitate smooth and ease understanding of concepts. Accounting help online services are superior and delivered by experienced and qualified experts.
Types of auditors
Auditing practice in most parts of the world falls under the following classification;
The internal auditors work in an organization to help in internal controls. Internal control is the process of cross-checking various organizations systems and ensuring that there is no deviation from the expectations. Internal auditing helps in supervision of organization activities and ensuring that information presented to the management is accurate. Examples of internal control carried out by the internal auditor include; financial control, purchasing control, budgeting control and accounting control.
Objectives of internal auditing
- To minimize errors and inaccuracies in order to ensure effective resource use through elimination of wastage
- Ensure accuracy in recording financial data which will lead to high operational efficiency
- To implement and follow up on management internal control decisions
- To evaluate the efficiency of different business operations and to identify weaknesses and advise appropriately
External/ statutory auditors
Statutory audit is an external and independent audit by an external auditor to ascertain that the preparation of balance sheet and the profit and loss account follows the laid International Financial Reporting Standards and that they represent a true and fair view. External auditor report will be available as an attachment to the published financial reports of the organization at the end of a trading period. Unlike internal audit which can be optional for small organizations; external audit is mandatory and must follow the provisions in the Companies Acts.
There are set minimum qualifications for external auditors laid out in the Companies Act. This means that the auditor rights and privileges are therefore protected by the law and is deemed independent from the management.
Objectives of external audit
- To detect and report any form of fraud
- Verify the authenticity and accuracy of financial reports and other numerical data presented by the management
- To ascertain that the organization follows standard accounting principles and procedures,
- Find out if the organization follows appropriate accounting procedures in the acquisition, depreciation and disposal of assets
- To ensure that credit and liabilities incurred by the company are genuine
- To examine and comment on the internal control procedures of the organization
It is important to note that auditing is different from an investigation. An investigation is for a specific purpose and its scope may include many years in order to present findings to interested parties. While on the other hand auditing is only to ascertainment of true and fair representation of financial reports and procedures for a specific trading period.
Auditor report is a statement of inferences and conclusion by the auditor after analyzing the financial records presented, statistical data and any other relevant information. Different types of opinions that auditors can express include:
Unqualified opinion is a positive opinion that the book of accounts reflects the true and fair state of the business financial position. It is also an indicative that there is no fraud and errors observed.
Qualified opinion availing is in the event the books of account do not conform to the Generally Accepted Accounting Principles but no misrepresentation or conformity issue detected.
Adverse opinion is on the other hand given when the books of accounts don’t adhere to Generally Accepted Accounting Principle. There is also misrepresentation, manipulations and non-conformity issues detected in the financial reports of the company in this case.
Disclaimer of opinion
Disclaimer of opinion is the option in a situation where the auditor is indifferent. This means that there are contingencies that could arise from lack of important information or document necessary for decision making.
Auditing assignment help
When dealing with any auditing task, it is important to reflect on standards set in the Generally Accepted Auditing Standards, International Standards of Auditing and provisions in the Companies Act. Our experts have hands on experience pertaining to auditing standards in different countries. You are assured of getting exceptional auditing assignment help from different topics that is original, high quality and delivered within the required time period.