Auditing Research Paper

Topics: Auditing, Financial audit, Auditor's report Pages: 4 (1164 words) Published: December 10, 2013
ACC411
Seminar 1 Auditing Research Paper

Auditing Research Paper

Auditors, like accountants, prepare and examine financial records to make sure they comply with generally accepted accounting principles and other laws. External auditors review clients’ financial statements for accuracy. Internal auditors check for accuracy and mismanagement of an organizations funds. Auditors can become certified as a CIA, Certified Internal Auditor, after graduating college with a bachelor’s degree and two years experience. There is a four-part test to get this certification. The Institute of Internal Auditors, IIA, also offers other certifications once an auditor meets the requirements.

Auditors and accountants have similar education but their jobs are different. Accountants typically produce the statements that auditors audit. Accountants deal with the day-to-day information of a firm. They pay the bills, review the aging, and prepare a budget. Auditors spend more time going over the procedure or controls used to prepare the reports that accountant’s issue. An auditor can work internally or externally for a company. Auditors do an examination of the firm’s statements and procedures. An auditor is usually an accountant the works in a different area.

There are three main types of audits: operational audit, compliance audit and financial statement audit. An operational audit will evaluate the efficiency of part of a company’s procedure. This type of audit can recommend ways to improve the procedure. The operational audit can also review an entity’s structure or operations. A compliance audit will determine wither or not an organization is following government regulations, legal requirements and company policy. Frequently, this type of auditor will be employed by the company. Financial statement audits are conducted to verify a firms financial statements are correct using generally accepted accounting procedures. A financial auditor will look for misstatements in...

References: Arens, A. & Elder, R. & Beasley, M. (2014), Auditing & Assurance Services, An Integrated Approach, Boston, Pearson.
Executive Digest. Bureau of State Lottery. Retrieved from: http://audgen.michigan.gov/finalpdfs/rsap/98_99/rs2741097.pdf.
United States Department of Labor. Occupational Outlook Handbook. Retrieved from: www.bls.gov/ooh/Business-and-Financial/Accountants-and-Auditors.com.
The Institute of Internal Auditors. Certification. Retrieved from: www.theiia.org
American Institute of CPAs. Retrieved from: www.aicpa.org
Financial Accounting Standards Board. FASB. Retrieved from www.fasb.org
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