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The impact of private sector review Audit Firms on the public sector Government in the maintain of public funds - Admission/Application Essay Example

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In this regard, audit firms develop effective governance principles and standards based on which the values of public funds are to be maximised. These…
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The impact of private sector review Audit Firms on the public sector Government in the maintain of public funds
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Extract of sample "The impact of private sector review Audit Firms on the public sector Government in the maintain of public funds"

Download file to see previous pages In this context, audit firms are entrusted with the responsibility of seeking that public funds are raised as well as utilised in an appropriate manner. The focus is on the responsibilities of auditing firm towards the government for managing public funds. Subsequently, an effective audit activity is needed to be developed in the public sector i.e. towards the government for effective management of funds (The Institute of Internal Auditors, 2012).
The aim of this essay is to build a new era in the government accounting and reporting procedure in relation to the value of public funds. Thus, the measures of this essay have to mention about the growth of responsibilities for the audit firm towards the government. The objectives of the study are to ensure legality, economy, regularity, efficiency and effectiveness in the financial statement for the management of public funds. The audit firms are required to obey laws and regulation of the government for ensuring efficacy in the management of public funds.
The responsibilities of the auditing firm towards the government are related to the internal and the external examination of the public funds. Activities and reporting of public funds is identified to be based on different forms of jurisdiction of the government. In this respect, the activities of audit firms are to configure appropriately to fulfil the duties of managing public funds in a transparent and accountable way. The activities of the audit firms are to ensure that the public sector entity manages funds with credibility and determines the appropriate behaviour based on which public funds are to be utilised. Governance of public funds will be defined as an arrangement of processes and have to structure the implementation by the board to direct, inform, manage and monitoring through the activities of audit firms for ensuing that the objectives of public sector is accomplished successfully. The responsibilities of the auditing ...Download file to see next pagesRead More
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