An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. … Any subject matter may be audited.
Internal audit serves an important role for companies in fraud prevention. Recurring analysis of a company’s operations and maintaining rigorous systems of internal controls can prevent and detect various forms of fraud and other accounting irregularities.
There are a number of types of audits that can be conducted, including the following:
- Construction audit. …
- Financial audit. …
- Information systems audit. …
- Investigative audit. …
- Operational audit. …
- Tax audit.
Advantages and Limitations of Auditing. Auditing is the process of inspecting the books of accounts to authenticate their accuracy and reliability. It is an important process to the company itself, the government, the investors, creditors, shareholder etc. They all rely on audited accounts to make important decisions.
The objective of an audit. The objective of an audit is to form an independent opinion on the financial statements of the audited entity. The opinion includes whether the financial statements show a true and fair view and have been properly prepared in accordance with accounting standards.
The purpose of a management audit relates to management interests, such as assessment of area performance or efficiency. An audit may also be classified as internal or external, depending on the interrelationships among participants. Internal audits are performed by employees of your organization.
We here at ZHS consultants are passionate about getting our clients in line with all the requirements. We also are capable of doing 3rd party audits and offer all our first time clients a visual audit free to see where we can a line comply or improve on our clients current system
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