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Auditing

Auditing

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Auditing

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Auditing

Employees should expect the auditors to audit the financial statements of the company and give insights into the financial performance of the company. They would expect to do a financial analysis of financial statements and tests. The auditors in auditing, collect evidence and support different amounts and then disclose facts.

They are also expected to assess the accounting principles of preparing financial statements. It helps auditors to evaluate the financial presentation to examine that are the statements prepared are free from any misstatements or misleading materials (Smith, et.al, 2001). The determination of the reasonableness of statement is also expected from auditors to know that is the f statements are prepared finely and fairly by the management while looking at the conformity of each statement from every perspective of the GAAP materials.

Furthermore, they (auditors) are also expected to disclose that everything that has financial impacts is properly listed in financial statements. This would be done through reviewing and analyzing the physical assets, minutes of meetings, and journal and ledger accounts of the company. The sample of financial transactions is also be done by auditors for ensuring that everything is posted properly and accurately in the files and books (Grodz, 2018). Beyond that, auditors are also expected to conduct interviews with key persons and ensures the adequateness of the internal system and accounting procedures. While making sure the maintenance of the company's records and transaction completeness.

Despite above, employees should also expect the auditors to develop that where there are any adherence to the act of Sarbanes Oxel which needs the management to develop a statement about regarding inside or internal controls that covers;

A statement that declares that all financial statements are presented finely and fairly.

A statement that declares that its management's responsibility to keep and execute effectual internal controls.

The details of internal systems and processes and their evaluation.

An analysis of the internal financial management control and their effectiveness over the last financial year.

References

Grodz, D. (2018). The Regulation of External Audit in the UK and US and a Proposal for a New Audit Model (Doctoral Dissertation, Queen Mary University of London).

Smith, M., Fiedler, B., Brown, B., & Kestel, J. (2001). Structure versus Judgement in the Audit Process: a Test of Kinney’s Classification. Managerial Auditing Journal, 16(1), 40-49.

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