It is a review of management and how operating procedures work. How effective and efficient the procedures are for the company. Although operational audits reveal possible problems in the financials statements, a compliance audit and fraud audit will help Whitfields internal
The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
However, an implicit assumption is that users need reasonable knowledge of business and financial accounting matters to understand the information contained in financial statements. This point is important. It means that financial statement pre- parers assume a level of competence
Two main groups of users of financial information are internal and external users. Internal users are individuals who help operate the business within an organization such as managers, employees, supervisors, directors, etc. Upper management frequently makes planning and controlling decisions based on the financial information gathered. External users are those individuals and institutions that want financial information about specific organizations. For example, external users such as investors, creditors, and bankers receive this financial information by reading the reports and determine if a specific company is worth investing
They rely on the opinion of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company. STRATEGIES TO DEAL WITH ACCOUNTING AND FINANCIAL
Financial ratios should be analyzed by a professional accountant. In order to keep a record of the company’s financial health, ratio analysis is used as a tool. Ratio analysis determines and interprets how efficiently a company is working in terms of its finances. Ratio analysis presents a simple and comprehensible understanding of the accounting variables. It is an effective tool for understanding a business’s success in terms of financial undertaking and
This position is responsible for implementing and maintaining accounting collection policies and updating process documentation as needed. This position will also be responsible for assuring accounting transactions follow General Accepted Accounting Principles (GAAP). Job responsibilities include (but are not limited to): process documentation, cross training, preparing journal entries, reconciling ledger accounts, posting of cash, foreign tax, royalty processing, analyzing account balances, data validity, sending collections letters and working with/escalating to collection agencies when needed. We are looking for an individual who is able to identify inconsistencies and propose solutions to correct
Reporting Practices and Ethics Paper Sharon Tucker HCS/405 May 13, 2013 Elizabeth Caissie Abstract The implementation of financial reporting and ethical standards are crucial for the growth and progression of an organization. Reporting fairly and accurate data will help control measurements that may address theft and/or fraud within the structure. Ethical standards are vital for the development in an organization’s set rules and policies in having quality in the services provided including integrity, values, and delivering effective outcomes in honesty. Generally accepted accounting principles (GAAP) are set guidelines which indicate rules, regulations, and procedures that are implemented for the maintenance and/or monitoring records. An organization that provides a financial statement to the public, investors or government funding entities must follow the set standards developed by Financial Accounting standards Board (FASB).
Depending on the results of the evaluation, __ Auditing should guarantee that Apollo Shoes, Incorporated has adequate internal control over financial statements. __ Auditing Firm’s has observed financial statements by anglicizing the validity of the supporting documents. The disclosures notes attached to the financial statements have given __ Auditing a comprehensive assessment of the manager’s decision making process. The important assessment of the financial statement was to evaluate Apollo Shoes, Inc. financial strength and whether the organization badly stated any financial reports to the shareholders or consumers. The evaluation of the organization usefulness of the internal control, and provides very important information of the organizations achievement habits in the economy.
Auditing and Other Assurance Services Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. Our firm provides three types of audit: 1) Operational – stands for efficiency and effectiveness in payroll department; 2) Compliance –