Auditing&Assurance Assignment Example | Topics and Well Written Essays - 2500 words

Auditing&Assurance - Assignment ExampleAuditors go rate reports to ensure that they ar accurately presented 1.The work of auditing should be conducted by self-reliant professionals who demonstrate a steep level of integrity. They should be honest, unbiased and sincere while discharging their duties. virtually organizations experience eccentric persons of fraud, mismanagement of resources, and corruption among different vices. The vices are very costly to the organization and sometimes may be the beginning of the downfall of an organization. Most organizations lose their resources through fraudulent activities that are carried out by employees and sometimes senior managers. It is not casual to establish the fraudulent activities since it is performed by skilled individuals such as accountants. The cases might go easily overlooked if a prima-facie approach is used to verify transactions. In order to unearth anomalies and discrepancies, a proper and independent investigation mu st be initiated. Auditors are the only professional that can be able to tack a thorough investigation that can assist the management discover fraudulent transactions and otherwise illegal activities2.Auditing entails a number of activities. It analyses the books of account of an organization critically. Groups carry out numerous transactions that are recorded in the books of account. Conversely, fraudulent activities may take place during the recording stage. Accountants may alter the code so that they can embezzle funds. The role of auditors is to look into the books to ensure no suspicious transactions establish been recorded. In addition, they confirm the arithmetic accuracy of the documents that have been provided. Secondly, they are mandated with the responsibility of verifying the assets and liabilities of an organization. In the case of the body, the auditors had to undertake quarterly inventory counts. Furthermore, they detect and prevent errors and fraud from occurring. Finally, they report to the management n matters relating to