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Auditing and Assurance Services - Essay Example

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It is also regarded as one of the fundamental evaluation processes of accounting. With this concern, the auditory department needs to consider the common…
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Auditing and Assurance Services
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Auditing and Assurance Services Table of Contents Introduction 3 Thesis ment 3 Discussion 3 Conclusion 5 Work Cited 6 Introduction Auditing isoften regarded as a process which reflects the assessment report involving organizational or individual finances. It is also regarded as one of the fundamental evaluation processes of accounting. With this concern, the auditory department needs to consider the common norms established by managing the organizations as well as the governments. The process involves with the system of providing financial information and also helps to provide such judgment which ensures the user to take decisions on behalf of the financial statement (Pearsoned, “An Introduction to Auditing and Assurance”).
Thesis Statement
The objective of the paper signifies the importance of the auditory system along with the reliance level that can be provided towards the audit process. This paper also intends to reflect on the pros and cons of the auditory as well as assurance services that need to be present in the financial statement of the organizations.
The auditing process of an organization or a firm involves with the model of accountability, inspection of the monetary reports along with the financial demands for assessment of the auditory system. The audit process in this regards provide with the statements which significantly fulfill the gap of expectations between the user and the financial statements. The auditing process for the organization generally involves with the convenient regulation dealing with control tools of the system. Conducting an auditing and assurance program also assists an organization for the critical assessment of the financial statements with the proper evidence. In this context the application of tools as well as techniques examine the main revenue along with the cost activities of the firm. Management representation of the organization, identifying the errors as well as the weaknesses of the financial activities of the firm is also an important responsibility of the audit process for the organization. Therefore, documentation of the audit and assurance shall provide the management with valuable assistance in taking the initiatives according to the review of the financial statements that were prepared in the audit process of the organization. The assurance service of the auditing process further helps the auditors to keep the record of the evidence in the auditing process of the firm (Pearsoned, “An Introduction to Auditing and Assurance”).
With regards to the pros and cons of the process in the auditing system, it can be said that it may help to forecast the future cost activities of the firm along with the grievances that might take place due to misinformation given by the auditors in the financial process of the organization. Hence, auditing is one of the crucial facets to assess the economic statement of an organization. It is due to this reason that engaging the cost activities of the firm along with the evidences of taking actions needs to be practiced according to the forecasted records. In this context, the grievance of the elements in the auditing process can generate considerable problems in the further investment or any cost activity by the organizations. The auditing management of the organization, thus, must look after the every sight of the cost activity with evidences on behalf of the proper collection of costs of the organization. It is worth mentioning that the grievances on the auditing process, such as, malpractice in the assessment or any misinformation which can have a substantial affect on the cost activities along with the productivity and growth of the organization must be taken under significant concern while implementing the process (Pearsoned, “An Introduction to Auditing and Assurance”).
In the present scenario, the business processes of the organizations have increasingly developed in terms of auditing and assurance services with due regards to the importance of financial activities. Furthermore, in the context of the competitive business model, the auditing and assurance service considers the major part in the cost activities of an organization. Hence, reliability of the auditing and assurance concentrates on the detachment of the information along with its importance in the cost activities of the organization. With due significance to the above discussion, it can be stated that reliance can be provided to the results served by the auditors through auditing and assurance processes based on its importance; however, due concern should also be rendered towards the ethical standards and lawful code of conduct to avoid malpractices that might have a sever consequence on the organizational sustainability issue.
Work Cited
Pearsoned. “An Introduction to Auditing and Assurance”. May 02, 2012. The Nature and Objectives of Auditing, 2005. Read More
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