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Hi, need to submit a 750 words essay on the topic Hotel Management Interview Paper.Where the internal auditor is not trustworthy, a random independent audit will help the organization to detect fraud
Hi, need to submit a 750 words essay on the topic Hotel Management Interview Paper.
Where the internal auditor is not trustworthy, a random independent audit will help the organization to detect fraud and financial errors that lead to a fair and true reflection of the organization’s financial position.
Moreover, a random independent audit helps business owner to establish the effectiveness of specific business operations and the performance of various departments (Kotan Australia,
2011). The audit exposes the errors of omission and commission in the company’s financial statements and prevents the reoccurrence of such errors in the future. Ideally, a random independent audit delivers a sovereign opinion on the organization’s financial condition since independent auditors seek to establish the truth and fairness of financial statements (Kotan Australia, 2011). The sovereign opinion by an independent auditor helps the management to make informed decisions. More so, a random independent audit is a fundamental requirement for all public companies. As such, it enhances compliance to audit and accounting requirements (Kotan Australia, 2011). A random independent audit would equally help in promoting the goodwill and competiveness of a company.
PricewaterhouseCoopers (PWC) is an accounting firm that would do a random independent audit (PwC, 2014) I contacted PWC and sought their comment on the benefits and costs of a random independent audit. PricewaterhouseCoopers noted that most companies hire independent auditors or external auditors to inspect their financial statements. The main objective of hiring independent auditors is to offer independent opinion of a company’s financial position. Independent auditors provide an independent opinion that reflects the true and fair financial position of the company. Independent auditors are more proficient than internal auditors are and hence organizations and their
