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Financial Systems and Auditing - Term Paper Example

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"Financial Systems and Auditing" paper focuses on the auditing process that is systematic being objective to obtain and evaluate the evidence pertaining to the assertions as well as the criteria to be established and at the same time communicates the results to the users with interest. …
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Financial Systems and Auditing
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Download file to see previous pages Financial auditing is one of the aspects that may be considered to the audit process, wherein the said audit objective pertains to the financial statements for the auditor to be able to express the opinion on the preparation of financial statements and in all material respects according to the financial reporting framework as identified.

The auditor’s responsibility is to form and express an opinion on the company’s financial statements, while the entity’s management is responsible for the preparation and presentation of financial statements. Audit, in general, may include the entire examination of the unit’s organization, the system as well as the function including the evaluation of the audit complied with significant laws, its rules and regulations. The audit must also be in compliance with the applicable policies of the University, there should be internal controls’ adequacy and the operations’ efficiency and its effectiveness. The focus of the audit is to determine the adequacy of procedures and the company’s internal control. The adequacy in procedures is indeed a great help for the purpose of ensuring the system’s objectives, the function of the company and to achieve the unit’s effectiveness and efficiency. The adequacy of control is also preventing the outcome of occurrence and therefore unwanted.

The available financial records in an audit are audit statements, bond issues, budget, the annual comprehensive financial reports, and other financial reports. The audit statements should be selective in terms of the statement’s type, not just only with the objects of the specific schema where the company operates but the options must be broad in terms of the use of auditing and the consideration with the options of related actions. The audit statement must be for users’ selection for the purpose of tracking several statements. Bond issues maybe through underwriting which is usually the common process.  ...Download file to see next pagesRead More
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