Do you need auditing assignment help?
Auditing or audit reporting is the systematic examination of books, accounts and documents of an organization by an independent party to determine how far the financial statements of the organization present a true and fair view. You can perform income statement analysis in areas such as internal controls, quality management, project management, water management, and energy conservation but in accounting it refers to financial information related to an organization such as a company. An audit obtains evidence, and evaluates that evidence to formulate an opinion which is communicated in an audit report. Audits provide assurance from a third party third to various stakeholders in an organization that the subject matter is free from material misstatement.
The main objectives of financial audit reports are as follows:
- Financial audits ensure financial information is correct and that it is in accordance with accounting standards such as the GAAP (Generally Accepted Accounting Principles).
- Financial audits make sure all legal and tax rules are being followed and complied with to avoid legal issues from presenting fraudulent or incorrect information to investors or the public. They can also prevent the dreaded IRS audit.
- Financial audits provide information to owners regarding how well their business is operating and how it can be improved.
Auditing assignments can be intimidating but we have some tips that can help.
Tips and suggestions to provide auditing assignment help
Auditing is an area of accounting that often gives students problems. Here are five tips that will help make your auditing assignments easier:
- Review the systems that have been put in place to transmit financial information to the accounting department. Accounting records can become unreliable and create discrepancies in financial records if the information used isn’t timely or reliable.
- Identify and review every part of the company’s accounting system, including individual T-accounts (debits and credits), journal entries, the general ledger and current financial statements. Make sure all necessary accounts are present.
- Internal records of cash holdings, income and expenses should be compared against external records. Select transactions from stored external records and compare them against internal records.
- Analyze internal tax records and official tax returns. Review the company’s tax receipts from the IRS and compare it against records of tax liabilities and taxes paid in the company’s accounting records. Review the range of credits and deductions claimed on the most recent tax return, looking for areas of dubious reporting, such as inflated expense numbers.
- Not every transaction and record has to be examined. You can select from various representative time periods and transactions initially, and go more in-depth if problems are found.
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