Need for an audit, Auditing

Need for an Audit

Whether you take an example for a modern large liability company, such we can clearly differentiate between those who control those funds the providers of funds.  The providers of funds are other third parties and the shareholders or creditors who have given loans to the company.  Those charged along with the task of controlling those funds are mostly called as management and directors.  We can also clearly see which the company has resources, and claims assets against those resources, capital and Liabilities.

A report of the directors in the form of accounts lacks credibility characterize as:

  • It may include errors;
  • It may fail to disclose frauds;
  • It could be misleading inadvertently;
  • It could be misleading deliberately;
  • It may fail to disclose all relevant information.


Posted Date: 1/24/2013 6:52:09 AM | Location : United States

Related Discussions:- Need for an audit, Assignment Help, Ask Question on Need for an audit, Get Answer, Expert's Help, Need for an audit Discussions

Write discussion on Need for an audit
Your posts are moderated
Related Questions
Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri

problems associated with intangible asset audit

Statutory Audits The audits are compulsory below statute in the case of a large amount of number of undertakings involving the following as:        Undert

History - True and Fair International Standards on Auditing (ISAs) make it quite clear that the terms 'true and fair' and 'present fairly' which are used in audit reports in m

Cost and Authorization - Detailed audit of stock Cost A favor of the auditor this is restricted generally to determining the technique adopted through the organization

techniques of vouching

Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme

Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence

Assessment item 2 Case Study and Report Due date: 19-08-2016 Length: 2000 words Task Question 1 (5%) Case: Battersby and Associates Chartered Accountants is a successful mid-t

Develop an audit program to identify and reduce potential fraud using ACL.