CHECK THESE SAMPLES OF Importance of External and Internal Auditors in Reducing the Errors in the Financial Statements
This literature emphasizes that the expectations gap is usually evident from two points of view: (1) the users of the financial statements and (2) the auditors.... The paper 'The Expectations of the Users of financial statements in Saudi Arabia' focuses on the experiences and perceptions of the users of financial statements in the Kingdom of Saudi Arabia.... Various literature has already been published in relation to the audit expectations gap between the auditors and the users of financial statements....
60 Pages
(15000 words)
Dissertation
There were significant changes made to the audit report by the financial statements.... From the paper "The Purpose and Usefulness of Standard Audit" it is clear that SAR is crucial in reducing the costs incurred by the agencies towards the management of private information.... The corporate financial statements and other investors expressed concerns about the use of standard audit reports (SAR).... Normally, audit reports present the external review of the financial information of a company, conducted by an accounting firm and shareholders use it in assessing the financial health of a company....
8 Pages
(2000 words)
Essay
his concept is important as it facilitates the preparation of financial statements.... importance of accounting concepts It is important for an entrepreneur to understand different accounting concepts, which are a business entity, matching concept, money measurement, going concerned, accounting period, cost concept, realization concept and accrual concept.... o understand the importance of each of these concepts, it is instructive to examine their roles....
12 Pages
(3000 words)
Essay
Control risk becomes high when a business does not have adequate internal control systems thus creating opportunities for fraud and errors in the financial statements.... Audit risk includes any factor at the discretion of the auditor that may cause a material misstatement or even omissions in the financial statements of a company (Dotel, 2015).... Audit risk is the risk that arises that an auditor expresses an inappropriate opinion on the financial statements of a company....
7 Pages
(1750 words)
Case Study
This paper "Audit Expectation Gap in Auditor Responsibilities" presents the major factors affecting the expectation gap between users of financial statements and auditors, auditors' responsibilities that have increased over recent years and the role of external auditors in detecting corporate fraud.... Educating users of financial statements about auditor's role is important through annual shareholders' meetings and other such events (Ojo).... The image of the company and auditors can also influence the expectations of users of financial statements and the better the image, the more are the expectations....
8 Pages
(2000 words)
Assignment
In addition, the performance of an organisation can also be influenced by the levels of materiality included and excluded in financial statements by auditors.... Materiality is critically important for determining whether to reveal an item, change an error or misstatement in the issued financial statements, make an audit work, and compose an audit opinion (Brennan & and Gray, 2005, p.... The paper "Critical importance of Materiality in Auditing" highlights that academic researches on materiality have proven Mock et al....
8 Pages
(2000 words)
Coursework
ccording to ASCPA and ICAA (1994a ), a gap exists between external auditors' understands of their role and duty and the expectations of various users of the financial statements and the general public regarding the process and the outcome of the external audit.... Consequently, some other users of the financial statements do not understand the audit opinion issued.... the expectation by users of financial statements that auditor should detect and prevent error and fraud as a duty while it is not his duty but of the directors....
7 Pages
(1750 words)
The paper "Auditing Guarantees Truthfulness of financial statements" is a great example of a literature review on finance and accounting.... Auditors take on an important for companies by validating the fairness and truthfulness of financial statements.... The paper "Auditing Guarantees Truthfulness of financial statements" is a great example of a literature review on finance and accounting.... Auditors take on an important for companies by validating the fairness and truthfulness of financial statements....
8 Pages
(2000 words)
Literature review