What is the purpose of an audit?

This overarching paper seeks to articulate the purpose of an audit, in the context of the interests of shareholders who appoint and monitor boards and, ultimately control the companies they own. Attention has been given
to responsibilities, relationships and the benefits of
audits of both quoted and unquoted companies.

What does an accounting auditor do?

An auditor is someone who prepares and examines financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. They assess financial operations and work to help ensure that organizations run efficiently.

What is the purpose of auditing procedures?

Financial auditors examine the financial records and statements of a company to ensure that they are correct and prepared according to the proper accounting rules and regulations. They conduct detailed analyses of the in-flow and out-flow of cash, the amounts the company owes and the value of the company’s assets.

Why is a resume of successful past auditor?

Since auditing requires a set of unique skills, you must hire someone with a wealth of experience in this area of expertise. This resume must demonstrate both real world and qualifications for an auditor.  They must be prepared to to make independent decisions. Additionally, having a broad background of exposure to a variety of businesses helps understand your business needs.

What are the top five skills sets required for auditor?

The following are the top five skills sought for new internal auditors:

1) Analytical and critical thinking,

2 ) Strong verbal and written communication skills,

3) Accounting data mining

4) A comprehensive view of the process and procedures

5) Awareness of your mission backed by their integrity

How long does a financial audit take?

How long will my audit take? The answer depends entirely on the size of the company as well as the complexity of the financial picture.  If it’s for an individual, partnership or smaller business entity, the process can take weeks to a month.  Larger entities will often require several auditors working in a team.

Audits are typically scheduled for three months from beginning to end, which includes four weeks of planning, four weeks of fieldwork and four weeks of compiling the audit report. The auditors are generally working on multiple projects in addition to your audit.

What outcome can I expect from an audit?

An audit will yield a much clearer financial picture regarding the financial activities of the accounts in question. It will bring things into focus more accurately.

How much will an audit cost?

Audits are billed on the amount of time invested on your behalf.  We work expeditiously to insure good time management with a primary focus on a thorough analysis.