See attached-Principles of Accounting IOverview Why audit? We will either be the auditor or be...

Question

See attached-Principles of Accounting IOverview Why audit? We will either be the auditor or be audited. We must understand internal control and the management of risk. The management of risk is everyone's responsibility. Report Requirements Report Content  1. This report fulfills the request of your supervisor who is completing a project on these key issues, including certifications and the roles fraud detection and deterrence, as well as internal control serve, to meet the goals of the organization. 2. Following your review of course materials, use the websites below to create a report of at least one page for each of the three topics: fraud detection and deterrence, internal control, and certifications. 3. Relate these topics to our course material for Principles of Accounting I. · Home - principlesofaccounting.com · 1-8, 10-12, 14 Chapters  4. The goal is to research, consider, and report what you know about these topics. 5. Consider the question and decide: what would you want to know?  Report Topics · Fraud Detection and Deterrence · Internal Control: COSO · Certifications: CFE, CIA, and CISA Report Layout 1. Always include your name and a descriptive title in the file name. 2. Create, save, and submit a Microsoft Word document that covers the topics listed below and consists of one page (one page usually has at least 300 words) for each topic.  3. Your report should be adequate. Fewer than three pages is not long enough; seven pages is too long. Ideally, you will end up with a three-page (three pages usually have at least 900 words) report not including the title or reference page.  4. Report is expected to have at least three-pages not including the title or reference page. Fewer than three pages is not long enough; seven pages is too long. 5. Include your name and a descriptive title in the file name. 6. Your report should be single-spaced, with double spacing between paragraphs. 7. Use headers within the document.  Report Structure 1. You are writing a business report, not double-spaced academic papers. 2. This is not a business proposal, and it is not a casual reflective report.  3. Tell a story.  4. Explain the concepts. 5. You are building your vocabulary. 6. Spell check. Write, read, and edit. Take care with word selection and sentence structure. 7. Use APA style for citations and create a works cited list. Include website references. 8. You can use the above concepts, particularly the paragraph on "Why audit?" without reference. A good item for your works cited list: ACCT 220 Course Materials. 9. Similar to all submissions for this class, use your own words.  10. Show what you know!

Riddhi · Accepted Answer

Why Audit?
The reason for conducting an audit is to ensure that the data provided in financial reports are the correct data as per the guidance of financial acceptance. The financial report of the company is the presentation of financial data in revenue statement and balance sheet of the company. The purpose of audit is to ensure that the data reported in financial statements are free from any material misstatement or fraud or any major errors. The books of accounts should be prepared as per the fundamentals of accounting by the proper accountant. The purpose of audit depends on the nature of audit. If the audit is external audit as required by statute, then the objective is to ensure that there is no tax evasion in the event of financial reporting.	
The objective behind audit is to ensure smooth functioning of the business operations and error free financial statements and there should not be any possibility or threat of fraud in the organization during fraud.  
The process of audit is conducted to ensure that the financial reporting and operations are functioning smoothly. There are different types of audit which includes internal audit, external audit, statutory audit, Audit for fraud detection, Forensic audit, bank audit etc. The objective behind every audit is much different from each other. 
The common objective of all audit shall be to ensure that the policy and procedures of the company are properly followed and there is no inconsistency in that regard. Sometimes in the event of fraud or inconsistency audit by demanded by the government authority or special governing body to get a clear understanding on business operations and investigate the matter of fraud or inconsistency.
Fraud Detection and Deterrence
Fraud detection is a process of finding fraud in the organization. There are some instances wherein a special audit is conducted in the event of fraud and to detect fraud in the company. The process of audit is more about finding frauds and the scope of audit is fraud detection. Fraud is considered as a criminal activity and having a fraud activity in an organization is a criminal offence. Fraud prevention is an important role of a senior accountant or CFO of the company. The prevention of fraud could happen with a random check every month in the organization. The reason for fraud could be the condition of company’s finances, internal control, Pressure of competition and to show profit in the company, the integrity of the senior managers may not be in the interest of company, Etc.

Overview Why audit? We will either be the auditor or be audited. We must understand internal control and the management of risk. The management of risk is everyone's responsibility. Report...

Answer To: Overview Why audit? We will either be the auditor or be audited. We must understand internal control...

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment