Financial statements rely, Auditing

Assignment Help:

Financial Statements Rely

All Financial providers people must be sure that the financial statements can be relied upon.
It should be noted that:

1. The auditor himself must be independent to have credibility.

2. He must have the primary objective of producing a report of his opinion on the truth and fairness of the accounts, so that any person reading and using them can believe in them.

3. Subsidiary objectives can be seen to be the detection of errors and fraud, the prevention of errors and fraud by the deterrent and moral effect of the audit and the ability to provide other benefits to his clients such as:

    • Assistance with accounting;
    • Systems;
    • Taxation;
    • Financial and other problems.

The Companies Act was designed to protect shareholders from directors hence the need for an audit as contained in the Companies Act mainly relates to limited liability companies, but as we shall see any organization can benefit from an audit.


Related Discussions:- Financial statements rely

Audit evidence and documentation, list and explain four factors that influe...

list and explain four factors that influence the auditor''s judgement regarding the sufficiency if the evidence obtain

Joint audit, Advantages and disadvantages

Advantages and disadvantages

ONLINE EXAM AUDITING CLASS, Hi Dear, Could you please help me with online ...

Hi Dear, Could you please help me with online exam in Auditing Class !!

Auditors procedures before stock taking, Auditors Procedures Before Stock T...

Auditors Procedures Before Stock Taking 1) Study of the clients stock taking recommendations and instructions for improvements or changes whether the auditor considers them in

Existence - audit process, Existence - Audit Process In the case of ta...

Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition.  Thi

Ias 28 - audit process, IAS 28 - Audit Process IAS 28 applies in accou...

IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,

Information in the fixed assets register, Information in the Fixed Assets R...

Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip

Brand names - audit process, Brand Names - Audit Process Few companies...

Brand Names - Audit Process Few companies in current years have placed valuations on the brand names of the goods such they sell.  On the balance sheet the valuation is shown.

Need for an audit, The Need for an Audit If you take an example of a mode...

The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd