e. Audit is done with the help of vouchers, documents, information and explanations received from the authorities. This guidance presents the importance of the public sector audit activity to effective governance and defines the key elements needed to maximize the value the public sector audit activity provides to all levels of the public sector. c Audit is a verification of the results shown by the profit and loss account and the state of affairs as shown by the balance sheet. The author believes that by knowing the theories and factors affecting existence and the demand for audit services, the understanding of what and why certain things are done by auditors is deepened. d. Audit is a critical review of the system of accounting and internal control. Importance of Auditing: Auditing is nothing but an inspection of all the financial and statutory records relating to the company’s financial position. James Hadfield – Audit Partner Aside from the importance of the legal requirements for a statutory audit, the undertaking of the audit itself provides important and valuable insight. Importance of Auditing Role of Auditing Types of Auditing and Other Services Risk Management Systems and Controls References. This is mainly done for confirming the fair view of the reports or the authenticity of reports of an organization. An audit determines whether an organisation is providing a true and fair view of its financial performance and position, which on its own is something any organisation wants to achieve. ROLE AND IMPORTANCE OF ACCOUNTING STANDARDS AND AUDITING Introduction Accounting Standards are employed as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in … “normal” auditing text books focus on what the auditors do and how they do it, this book goes one step back and examines why auditors exist in the first place. It presents concepts of the internal audit and internal control based on an example of a Finnish company.

For a clear overview of auditing, refer to this article in PDF format, archive. Title: Importance of Internal Audit and Internal Control in an organization - Case Study Supervisor (Arcada): Sveinn Eldon Commissioned by: Abstract: This research is a descriptive case study of a company.

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