Auditing can be defined as the systematic process of analyzing and evaluating the financial records and statements of an organization. It is generally done to determine the authenticity of the financial statement offered by an organization. It involves records of accounting and documents of an organization and corrects the errors if they exist. Any program, entity, and documentation can be reviewed through an audit. When you have several assignments to work on, it is difficult to accomplish all the tasks due to a lack of time. If you are a student of the subject of Auditing, you understand why need to avail professional writers assistance to write an auditing case study. There is always a question in most students’ minds that How To Write An Auditing Case Study expertly.
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The primary objectives of Auditing
Every organization determines its objectives to achieve strategically. The primary focus of auditing is to ensure that every business process is aligned with the strategic vision and that they deliver value. Some of the significant objectives are given below:
- Evaluate the system of internal check
- Analyze the functional efficiency of methods through auditing
- Verify the authenticity and reliability of transactions
- Confirm the existence and value of liability and assets
- Review and check the exact difference between revenue and capital nature of the transaction made
- Provide suggestions for appropriate correctness
- Verify that the process chain gives enough protection to the company’s assets
- Prove a right and fair view of the financial position provided by the balance sheet and operating results extended by the income statement.
Different types of auditing
Financial audit: Here the auditor analyzes the authenticity of the facts found in a company’s financial statement. Generally, the formal examination is performed by an independent CPA firm.
Compliance audit: In this auditing, the auditors analyze the practices and procedures of an organization. It is to test that the establishment adheres to the internal standard. This type of auditing is generally conducted in educational institutions or regulated organizations.
Tax audit: It is a type of auditing that is conducted to analyze the task return submitted by an organized or individual. It allows an auditor to verify that the tax details and invoices attained by the individuals involved are accurate. Usually, these audits are applied where the tax payment is excessively low.
Investigative audit: It is conducted while facts and evidence of fraudulent activities are present. The investigation is conducted on any particular individual or area to detect and resolve control breaches.
Operational audit: This process involves the goals, procedures, outcomes, and planning process of a business. This can be done internally or with the help of an external entity.
Construction audit: This audit is conducted to evaluate the cost of a specific construction project. This includes analyzing the contracts, the cost paid, time taken to complete the task, premium charges, etc. The auditor reviews if reasonable expenses are incurred for a certain project.
Information systems audit: It is conducted for examining the control over data processing, software development, data collection management, and access to the computer system. Any problem that can damage the IT’s system efficiency to provide appropriate information is detected through this auditing.