Evaluate Auditing Processes - Essay Example

The essay will also evaluate the various accounting processes that are being adopted by the federal government in a succinct manner. It is evident that there lay certain specific criteria, which need to be adhered while complying with a standard auditing process. This aspect is also evident in the case of auditing a town or a city. The audit, which has been conducted for the Town of Maywood can be evaluated based on the requirements of GAAS. Theoretically, GAAS is a particular framework, which provides a set of guidelines to be followed by auditors for ensuring accuracy, reliability as well as fairness in the auditing process.

The audit conducted for the Town of Maywood was executed with proper observations of the activities performed by the people who were involved with the preparation of its financial statements. It can be affirmed that this particular auditing procedure adhered to the guidelines of GAAS (Kinney Jr, 1986). Notably, the audit report also presented the reason for not considering the financial reports of other towns with which Maywood is associated. This particular aspect also shows compliance of the audit report with the GAAS framework (Public Company Accounting Oversight Board, 2014).

Through analyzing the audit report, it can be determined that the audit conducted for the Town of Maywood is in alignment with most of the requirements of the GAAS framework and very little has been omitted or not complied with the same. Prior to the preparation of an audit report, individuals interested both in public administration as well as working as accountants for governmental units must possess an in-depth knowledge about the objectives along with the standards to be followed while preparing an audit report.

This may be owing to the reason that the effectiveness of public administration is directly relevant with appropriate