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Are you Looking for the Audit Assignment Sample? This is the Right Place!

To check the accuracy of the financial statements offered by an organization auditing is done. As a student, we have to do multiple tasks like assignments of all subjects, projects in the given deadline. Sometimes this thing creates extra pressure on students. If you are going through the same situation and agree with the above statement. You understand why you need to go with the help of an audit assignment sample. We bring you the most useful Audit report assignment report sample.

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The basic goal of auditing is to confirm that the accounts have been prepared following accounting standards and to determine whether the accounting information generated following accounting standards reflects a true and fair view of the state of affairs of a business. Various concepts are involved in accounts and the finance field. It is very difficult for the students to finish and complete the assignments along with the academics they face or encounter various issues. When it comes to accounting and finance, auditing is by far the most significant aspect of these fields and it is required that every student should complete the assignment and study the topic or concept. If you are also stuck with all these problems, you can simply avail Audit report assignment report sample, our experts will help you along the way. But this does not mean to say the students simply offload their academic work on online platforms. But for fetching good grades they can take leverage of the platforms for making their assignments more impressive. This also helps the students to get enough knowledge about the particular subject by having mentor assistance along the way.

Evolution and Origin of Auditing

Always the economic decision is based on the information available at the moment of commitment being made. But by the time the society has become more complicated and unstable. So somewhere the likelihood of unreliable data provided to decision-makers has increased. There are various reasons due to this is happening is an immense amount of data, remote or out-of-reach information, and the existence of composite exchange transactions.

To make sure that the provided data is reliable for the decision-making. To overcome this problem the decision-maker designs some methods. In doing this, the decision-maker must contemplate the cost to obtain sufficiently valid data against the expected profit. An audit is also one of the methods used for the verification procedure. During the industrial evolution, auditing started to evolve in the 18th century. Ownership and management were set apart, once those joint-stock companies started growing on a wider scale. After a while, the audit goals changed, and the audit was now supposed to determine whether the current account data were truthful and fair, rather than detecting fraud and errors in the record.

Who is an Auditor?

Auditors are the officials, who are in charge of carefully checking the accuracy and authenticity of the data and records, is known to be an auditor. At the end of the audit, auditors are supposed to prepare a business report to determine the accuracy and the clarity that the organization has accounted for.

Two objectives of the audit are:

  • Primary objectives
  • Secondary objectives

Primary objectives of audit: Major objectives framed for any audit are categorized under the primary objectives of the audit. Following things are included in the primary objectives:

  • Mathematical correctness of the accounts gets a check, balancing, casting, validate posting, etc.
  • Examine the system of internal check
  • Transaction’s authenticity and credibility verification
  • Verification of all the vital and statutory specifications whether it is satisfied or not.

Secondary objectives of the audit: The audits are designed to achieve the primary objectives. Following are some examples included in secondary objectives:

  • Preventing and detecting errors
  • Prevent and detect fraudulence
  • Over-or-under valuation of stock

Auditing Process

It is very important to understand the procedure of auditing conducted by the officials in the companies and organizations to check the reliability of the data.

  • Assessing the information or data: This is the initial step in starting the auditing process. This is the process of obtaining and analysing the business statements and reports that have been submitted and documented by the firm and the organization.
  • Difference between evaluation and establishment: This is mandatory for every company to keep their accounts clear neat and clean. Otherwise, any This type of fraud will likely result in a massive fine or maybe jail time for the corporation. This step is the major step in the auditing process.
  • Information to the stakeholders: After all the processes and procedures of the auditing, the officers are supposed to provide all the information to the stakeholders of the organization and company. Every business must ensure that all of its data and records are up to date and well-maintained.

Top 3 universities in Australia for finance and accounting

Following are the best universities in Australia to study accounting. This university also includes some more good quality and more affordable degree programs. 

No.

University

QS World Ranking

1

The University of New south Wales (NSW)

11

2

The University of Melbourne

14

3

The University of Sydney

20

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