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Definition of Auditing Concept

Auditing is considered as an integral process of accounting which entails scrutinizing and verifying accounting records and statements. This is an important activity undertaken by all the firms so that they get clarification about the accuracy and authenticity of records & statements. This is a simplified yet important concept, which stems from the core task of accounting since auditing can only be done when accounting is closed. The process of examining and cross-checking accounting records namely books of accounts and statements to ensure that they stand correct and present an honest image of a company’s financial state is very crucial. As explained in Auditing assignment help online, this process is undertaken to know the exact figures of profit and loss statement which is finally highlighted in its balance sheet.

Explains Various Types of Audits Performed

Precisely put, auditing is an activity which aims at investigating a current report, system, or entity. Company auditors are given the task of performing a range of audit types. These are outlined in Auditing homework assignment help:

  • Financial Audit: This type of audit is performed to determine the accuracy and fairness of information that is presented in context of an entity. It aims at making quick checks on the authenticity of financial statements. Conducted by CPA firm on a large scale, the audit party is mostly hired on the condition that it is independent of entity which is being reviewed. One of most common type of audit is financial audit.
  • Construction Audit: As the name indicates, this type of audits is undertaken at a large scale to analyze costs in handling specific construction project. The construction audit is performed to assess the authenticity of spends made in various construction activities. This includes wages paid, overhead costs, to make sure that the incurred cost fell within reasonable limit.
  • Information Systems Audit: Belongs to the technical category, this type of audit is recognized as a quick review which exercises control over the process of data processing, software development, and computer system access. It is conducted with the sole aim to identify issues which could cause harm to IT systems performance. Lastly, it targets at sharing only accurate and relevant information with the users so that who are authorized to access the data.
  • Compliance Audit: This category of audit aims at examining the policies and procedures of entity or department to ensure it compliance with various internal or regulatory standards. Such audit is commonly practiced and undertaken by educational institutions / regulated industries.
  • Operational Audit: This kind of audit puts forth a thorough analysis of goals, process planning, methods and results which are outcomes of business operations. The respective auditor, in this case, carries out the tests both internally. In some cases, the audit is performed by an external entity free from internal influences. The outcome received helps the companies to evaluate operations, along with passing recommendations for targeted enhancements or betterment in the process.
  • Investigative Audit: In case a company experiences the scaring of a fraudulent activity, this kind of audits is performed. It is investigative in nature and is executed for the purpose of spotting breaches and implements means to remedy control. The auditor presents evidence in case the fraud is detected along with relevant data to support the accusation.
  • Tax Audit. As the name suggests, this category of analysis is done on tax returns which are filed by individual or companies to cross-check and authenticate tax information to see if it is valid. Such audits are targeted to reap returns which assess if the tax paid is as per the norms and returning excess tax dedicated or imposing more liability if the tax deduction has been less.

Auditing Case Study Help Focusses on the Need of Conducting Auditing Process?

The auditing process holds a lot of significance as its aims at fulfilling a range of purposes for which it is carried out in different spheres of operations and industries. It helps a company to derive and assess information with rest to finance, IT, company frauds etc.  It is an important part of company proceedings since it is base on which information is communicated to stakeholders. As explained in Auditing case study assignment help, process of auditing involves participation of an auditor with an unbiased mind aptitude.

BookMyEssay invites students from all over the world to avail Auditing assignment writing help. The team working at this site has a knack for dealing with challenging assignments in the domain of accounting and taxation. The Auditing assignment help service is delivered from scratch wherein students get complete access to the best Australian writers to know about the progress of their assignments. In case of discontent, students at liable to receive complete money back as security.

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