Financial auditor Essay

Financial auditor Essay

Internal Control Ensures Integrity and Safeguards the Company

– … Corrective control Corrective control is used to correct errors found in other control systems such as detective control, the aim of this control is to focus on the problem until it is fully figured out and taken care of. An example of this control is to train new employees with new processes so they do not make the same mistakes made previously, by doing this we can ensure that the possibility of the same problem happening again is minimal and if it does happen the employees know how to deal with it instead of being confused and make the situation worse by doing the wrong thing….  

A Review of the Last Two Auditor General’s Report of Belize

– … The implementations of some systems proved inadequate for the recording and tracking of revenue. Another area of concern was in regard to Stores ledgers not being properly maintained. Items received or issued were not accounted for in accordance with the Stores Orders # 5 (verifies balance and account for handing or taking in stores). In addition, adequate security measures are not in place to safeguard supplies. It appears that stores items are handled with little care, creating a loss to government as assets are not properly accounted for…. ;

Ethics of Financial Statements and Codes

– … Management is responsible for adopting sound accounting policies and for establishing and maintaining an internal control structure that will, among other things, record, process, summarize, and report financial data that is consistent with management’s assertions embodied in the financial statements. The internal control structure should include an accounting system to identify, assemble, analyze, classify, record, and report an entity’s transactions and to maintain accountability for the related assets and liabilities…. ;

The Similarities and Differences Between a Forensic Accountant, a Fraud Examiner, and an Auditor

– … Forensic accountants need to be well versed in the legal system, because many times they will be asked to do a testimony. Due to their expert status they need to have good communication skills, because if they are called into court they need to be able to explain exactly what they encountered. Robert J. Lindquist, senior managing director for Citigate Global Intelligence & Security says forensic accountants need to “understand exactly what constitutes fraud, which includes practical knowledge of the legal system and concepts such as the elements of the offense, what constitutes proof, intent, and completeness of evidence.” (Wells, The Fraud Examiners)…. ;

Auditor Independence

– 1. Introduction 1.1 The objectives of audit Under the regulatory, directors are required to produce financial statements annually which give a true and faire view of the affairs of the company and its profit and loss for the period and accountable to shareholders. Auditors have a responsibility to plan and perform the audit to obtain reasonable assurance to the shareholders and other stakeholders of a company on the financial statements. The objective of an audit of financial statements is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on… ;