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I need some assistance with these assignment. accounting is the collection, summarization and communication of a firms financial information for the management, stakeholders, individuals and others to
I need some assistance with these assignment. accounting is the collection, summarization and communication of a firms financial information for the management, stakeholders, individuals and others to help them however, following a series of recent financial scandals1, the true and fair v Thank you in advance for the help! Auditing is a management function mandated with the sustenance of the integrity of financial statement in the company (Farquhar, 2003). Auditing refers to the planned investigation of an organization with the view of determining the adequacy of operation. The practice is essential in order to determine the position of an organization in the market thereby assuring the investors of the truth about their investments as discussed below.
Auditors are essential regulators of the financial operations of a company. auditors’ primary mandate is determine the actual financial position of a company. This requires the effective investigation of the organization in order to determine the cost of every asset the company as and its actual liquidity. Auditing is therefore a periodic practice often done annually thereby determining the financial position of a company in a financial year. The integrity and thoroughness of the auditing process contributes to the effectiveness of the process thereby providing the actual state of the company to the public. Either auditors can be part of the company such as a department within the organization or the company can opt to hire an external auditor. Each case has advantages in serving the interests of the people.
In house auditing departments have an effective understanding of the operation of the organization and can therefore investigate every departments effectively within the shortest time possible. However, such departments rely on the finances from the organization and may not therefore maintain integrity and independence. The lack of the two eliminates efficacy of the auditing process a feature that validates the hiring of external auditors. External auditors such as the Price Waterhouse Coopers and Deloitte have no interests in the organization. Such companies investigate the operations of the organization with the view of determining the financial flow in the organization. They are auditing companies.
