Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. discuss the importance of auditing as it relates t

Discuss the importance of auditing as it relates to the accounting profession and the business community....

70.2K

Verified Solution

Question

Accounting

Discuss the importance of auditing as it relates tothe accounting profession and the business community. (2) Discussthe effects of technology as it relates to the future of theprofession.

please cite references. thanks

what information needed? It is simply what is theimportance of auditing as it relates to the profession and thebusiness community.

Answer & Explanation Solved by verified expert
4.5 Ratings (749 Votes)
1 The Importance of an Audit Auditing is a means of evaluating the effectiveness of a companys internal controls Maintaining an effective system of internal controls is vital for achieving a companys business objectives obtaining reliable financial reporting on its operations preventing fraud and misappropriation of its assets and minimizing its cost of capital Both internal and independent auditors contribute to a companys audit system in different but important ways 1 It helps in protecting the interest of persons who are not directly associated with an enterprise like partners shareholders creditors debtors etc 2 It helps at the time of taking government grants 3 It acts as a morale check on employees 4 It helps to settle trade disputes 5 Helps to settle accounts at the time of retirement or death of partners And also at the time of liquidation of any company 6 Helps to settle tax liability helps for making refunds of tax etc Further There is a long list of reasons why you should have regular audits but the most important ones involve accountability and good business practices 1 You Will Have a Detailed Overview Once the auditors have concluded their findings youll have the final report in your hands From here you will have a complete picture of how your business is working Even if you have spent a lot of time ensuring that your company has clean records and abides by every rule possible there are bound to be small mistakes that should be corrected    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

For m, n in Z, define m ~ n if m (mod 7) = n...

Advance Math
Q

Because some people are unable to stand to have their height measured, doctors use the height...

Basic Math
Q

Carbon disulfide and chlorine react according to the following equation: CS2(g) + 3Cl2(g) S2Cl2(g) + CCl4(g)...

Chemistry
Q

Solve the equation Check your solution 5 x 5 25 lution cot is Tyne an...

Algebra
Q

Use the change of base theorem to find the logarithm log 83 Use the change...

Algebra
Q

HW 13 question 2 part b finding target price ...

Accounting
Q

An alternative to the outright purchasing of assets by firms seeking to expand their operations...

Accounting
Q

Bramble Manufacturing has budgeted the following unit sales: 2022 Units April 25,000 May 45,000 June...

Accounting
Q

An employee has year to date wages prior to this payroll of $144,500 ...

Accounting
Q

? uses interrelationships between many of the performance measures to analyze the components and linkages...

Accounting
Q

On January 1, 2021, Sheffield corporation issued $560000 of 7% bonds due on January 2029...

Accounting
Q

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY...

Accounting