--%>
Assignment Help - homework help

Explain briefly audit process

Explain briefly audit process?

E

Expert

Verified

The term 'Audit ' is an imitative of the term 'Audition' that means 'to hear'. In past times, the Kings employed to hear their accountants report the accounts verbally. But, as the difficulty of the accounting function grew, need was felt to comprehensively check the accounts for errors misclassification and document the findings in a written form so that it can be employed by the Management, investors , stakeholders, Government and different other bodies. This process is named as Audit or Auditing.

   Related Questions in Auditing

  • Q : Portfolio manager uses a T-bond futures

    1. A portfolio manager uses a T-bond futures contract to hedge a bond portfolio over the next 4 months. The portfolio is worth $75 million and will have duration of 5 years in four months. The futures price is 118 and each contract is for $200,000. There are three bon

    		•
  • Q : Marketing audit for banking industry

    Marketing audit for banking industry will be developed based upon following features: A) It will help and support the top management in identification and management of risks. B) It will help in evaluating th

    		•
  • Q : Difference between statutory audit and

    Elucidate the difference between statutory audit and internal audit?

    		•
  • Q : Importance of measuring an internal

    Write down the importance of measuring an internal audit department?

    		•
  • Q : ACL Bradmark Case Case must be analyzed

    Case must be analyzed and reports run using ACL 9 desktop software (Education Edition). Screenprints of reports should be included and explained. All work must be cited.

    		•
  • Q : Explain briefly statutory audit Explain

    Explain briefly statutory audit?

    		•
  • Q : Merits and demerits of internal audit

    Write down the different merits and demerits of internal audit?

    		•
  • Q : Functions of Internal Audit Elucidate

    Elucidate various Functions of Internal Audit?

    		•
  • Q : Audit A term usually referring to a

      A term usually referring to a financial audit is a set of procedures performed by accountants from a certified public accountant (CPA) firm. The procedures are designed to investigate and verify the accounting information that manage- ment puts in financial report. When the audit i

    		•
  • Q : Audit report A signed letter from the

      A signed letter from the auditor of a company, included in the annual report, that state whether or not the finan- cial statements fairly present the results of operations and the financial position of the company. An annual audit is required by the Exchange and Securities Commissi

    		•