This organizational strategy has been integrated in several businesses mainly to improve profitability, establish stronger customer relations as well as achieve considerable business expansion. We will write a custom essay sample on Research Proposal:
The overview provides an introduction to the basic objectives and procedures involved in the auditing process. In addition, this article explains the process that auditors undertake as they plan and perform their audit and then prepare the audit report.
This process includes such steps as designing the audit approach, performing tests of controls and transactions, performing analytical procedures and tests of details of balances, completing the audit and issuing an opinion.
Explanations of factors affecting the audit process are also provided, such as materiality and risk, professional ethics and legal liability. Finally, examples of the various forms of auditing, including internal financial auditing, government financial auditing and operational auditing, are included to help illustrate the roles that auditing plays in various industries and in differing aspects of the business model.
Heather Newton earned her J. She worked as an attorney at a large, international law firm in Washington, DC, before moving to Atlanta, where she is currently an editor for a legal publishing company. Prior to law school, she was a high school English teacher and freelance writer, and her works have appeared in numerous print and online publications.
Auditing Overview Our society depends on timely and accurate financial information. Businesses and investors alike need current, reliable information in order to make the decisions that must be made every day. Much of the information that investors, companies and even the government receive and incorporate in their business decisions is provided by third parties.
Investors depend on corporate financial statements, lenders depend on consumer applications and the government relies upon tax returns filed by individuals and businesses.
However, investors, business leaders and government agents do not have the time or ability to verify all of the information on which they rely. Further, in many cases, the objectives of the information providers are at odds with the objectives of those who use the information.
Thus, there is a need for objective third parties who will verify reported information and summarize their findings to the information users.
In some industries, these third parties are known as independent auditors and the process they undertake to collect, track and verify information is called an audit. Independent auditors are highly trained professionals who are guided by ethical and legal standards that are designed to safeguard the social need for accurate information and the high regard given the reports they produce.
This article explains the basic concepts and techniques of the auditing profession. It explains the attestation function and the other objectives and procedures of the auditing process. It also provides a description of the internal control evaluations that take place to ensure the accuracy of the information being audited and the reports that are drafted to summarize the audit findings.
Also, factors that affect the auditing process are discussed, which include materiality and risk, professional ethics and legal liability.
Finally, the various types of auditing are explained, including internal financial auditing, government financial auditing and operational auditing.
The following sections describe these concepts in more detail. Basic Concepts Professional auditors serve as objective intermediaries who lend credibility to financial information by reporting whether the information conforms to generally recognized accounting and auditing standards.
Auditing consists only of the review of reported information, and thus does not include the actual production of financial reports. That function is performed by a company's accountants and financial analysts, who generally work under the direction of its controller or management team.
Auditors collect evidence, which consists of financial statements and the supporting documentation, which they cross-check and verify in order to determine whether the information in the financial statements is reliable. After completing this process, auditors compile a report that summarizes whether the information reported in the company's financial statements is reliable.
This report is essentially a professional opinion expressed by the auditing firm as to whether the company's reported financial position, operational capabilities, and any changes in its financial position, have been documented in accordance with generally accepted accounting principles.
This process is critical because reliable and timely information enables capital markets to operate efficiently and allows individuals who depend on reported financial information to make informed decisions on a wide variety of economic issues.
Audit Objectives Independent auditors are hired and paid by clients. A client is the person, company, board of directors, agency or group that retains the auditor to complete the auditing process, often called an "engagement," and pays the fee for the auditor's services.
Audits may be financial, in which the client's financial statements and other economic data are examined, or operational, whereby an auditor examines the efficiency and effectiveness of a client's business operations.
In financial audits, the client and the auditee are usually the same. The auditee is the company or entity whose financial statements are being audited.
Occasionally, the client and the auditee are different, such as when Corporation A hires and pays the auditors to audit Corporation B in conjunction with a proposed merger or acquisition. Once independent auditors have reviewed the financial information provided by a client, the auditors prepare a report that expresses an opinion as to whether the financial information provided by the client has been compiled and presented in accordance with generally accepted accounting principles.
This third-party scrutiny lends a certain amount of credibility to the financial information and is often referred to as an attestation. Thus, to attest to information means to provide assurance as to its reliability. A financial statement audit is, by far, the most common type of attest function that auditors perform.
However, professionally licensed auditors, known as certified public accountants "CPAs"also attest to the reliability of a wide range of other types of information including financial forecasts, internal control policies and procedures, compliance with laws and regulations and advertising claims.
No matter what type of information is being examined, the objectives and techniques of the auditing process remain essentially the same.of Internal Control in COSO() research question about the impact of internal controls on firm performance. I examine 1 Th e ac r ony mCOS st df ip g z w and is also known as the Treadway Commission.
4 the market valuation of a firm’s disclosures of material weaknesses in internal control. Research Paper: Internal Control Deficiencies - Due. Jan 31, PM.
ACCT Internal Auditing () You will search the Internet to obtain an internal control report for a public company that was prepared in accordance with the Sarbanes-Oxley Act. Sample Research Proposals.
Review the following sample research proposals. As you review each, consider how each element in the proposal is described and explained by the researcher, consider what is included, in what . A. “The introduction is the part of the paper that provides readers with the background information for the research reported in the paper.
Its purpose is to establish a framework for the research, so that readers can understand how it is related to other research” (Wilkinson, , p. 96). B. The Problem Statement in the Research Paper. Scope and Delimitation. Types of Questionnaires. Business Proposal.
Thesis - Chapter 1 between the quality service Internal Auditors provide for their organisations and the attitude of managers towards the Internal Audit function. Research proposal – SB/MAC/08/ control, and governance.
Internal Communication in Organizations and Employee Engagement Dean of the Graduate College ABSTRACT Internal Communication in Organizations and Employee Engagement by Lynn K.T.
Hayase Dr. Paul J. Traudt, Examination Committee Chair Associate Professor of Media Studies While research on internal communication spans only a.