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Business industries and their earned revenue are the backbone of a nation’s economy hence is most significant. Due its significance an analytical examination of financial transactions of an industry and individual is required to avoid any fraudulent activates. Audit is such an analytical process for testing all financial records of both an organization and a person. It is an important topic of finance and students have to give a lot of effort to cope-up.
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Bit more about the subject matter
Business organizations generally collect fund for flourishing a business and enhancing its growth from several financers.So at the end of every business year organizations have to publish a fair and clear financial report made by an internal team, to all who are concerned. To examine the authenticity of this financial report,third party verification is inevitable. And it is done by an auditor from outside the company with the help of internal team.
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Several types that prevail
Audit is an investigating activity conducted by an independent professional to appraise the monetary transaction and financial report of a business entity. Several types of audits are there to conduct in the basis of subject matter and business entity. If you want in details then you must follow our Auditing Homework Solutions but till then for your kind information few are given below –
- Internal audit
It is performed by the concern employees of a company about internal financial and other matters. It is prepared very carefully by the internal team to satisfy the external auditor. It mainly focuses on –
- How the internal control is performed for improvement of the company
- To instance the prohibition of internal fraudulent and thievish activates
- To monitor that no one violate thelaw and internal rules and regulation.
- Focusing on risk management and implementation of innovative polices to reduce it
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- External audit
It is also an important part of auditing and one of the most significant parts of finance,conducted by a nationally or internationally renowned processional. External audit is required to investigate that the financial statement of the company made by the internal team is authentic, or not. This report gives assurance to the investor and shareholder about the authenticity of yearly financial report, published by the company.
- Tax audit
Paying tax to the state is an inevitable part of an individual and corporation of a nation who has a specific amount of earnings in a year. But the amount and percentage of tax varies between different business sectors and earning slabs.So tax audit is performed to examine the accuracy of tax return by an individual and corporate.
- Forensic audit
It is performed for investigate if any miss uses of fund, or fraudulent activity of money transaction, false billing and tax evasion are involved in the finance report.
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What are the objectives?
Audit has several significant objectives which are segmented in different categories such as –
- Primary objectives
The main purpose is to provide a fair and authentic financial report, and financial status of an organization. And for that the process focusses on –
- Thorough checking of all internal system
- Verifying all the financial documents such as accounts books, balance sheets etc.
- Verifying authenticity, nature and validity of all transactions.
- Checking the existence and value of asserts
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- Secondary objectives
These are made to support the primary objectives and they consist of –
- Identification and erosion of mistakes
- Prevention of fraudulent activates
- Valuation of inventory
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From students perspective
Audit, as an educational topic seems to be very important and critical to the students. As, students of this stream are going to perform a responsible job in future so final examination paper comes with lots of tricky and critical questions.. Hence often it is difficult for students to pass out the final year. Moreover submission of all the projects within deadline is another headache for the students. So students must consult an effective Auditing Assignment Solutions program from us to get rid of these.
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