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Auditing Essay

2531 words - 11 pages

Corporate governance heavily refers to the whole structure of rights, processes and controls established internally and externally over the management of a business entity with the objective of protecting the interests of its stakeholders from any type of loses incurring.
To begin with, firstly there are three types of auditors in the corporate governances, internal, external and government auditors. The role of the internal auditors in the corporate governance is to evaluates corporate activities, controls or procedures and ensures that they are adequate and in compliance with senior management's recommendations and human resources guidelines.
An internal audit also helps a firm adhere ...view middle of the document...

Also to check and express an expert opinion on the fairness with which financial statements present, in all material respects, whether the financial information are reliable and conformity with GAAP for investors to make investments.
Government auditors are employed by the government specifically responsible to audit the government departments, statutory authorities, government owned ventures and their controlled entities. For example, Auditors are employed by the Office of the Auditor General in Fiji.
Auditors are professional people in the accounting field who verify the accuracy of their organization's internal records and check for misconduct, waste, or fraud. They examine and evaluate a firms' financial and information systems, management procedures, and internal controls to ensure that records are correct and controls are sufficient to protect against fraud and waste. Moreover auditors are expected to evaluate some aspects of a project, business, or individual performances. Also auditors are reliable to determine the level of efficiency presented in the production process of a business, also recovering the efficient use of labour and other resources associated with the business, and the reality of the financial records of the business. Looking ahead they are also involved in evaluating a projects or aspects of company’s reports and are often expected to make recommendations regarding the correction of negative conditions that currently impact the organization. In particular they also are expected to examine, corrects and verifies the accuracy of financial accounts related to business, non-profit organizations and government agencies.

Auditors are expected to provide true, fair and unbiased reports to the public for making necessary decisions as auditors represent the face of the public, shareholder and investor. Therefore by using their report they are able to evaluate the performance of the business and make necessary investment to contribute towards organizations growth. The auditors are responsible to provide different types of audit to different types of organization, such as financial statement audit where they are expected to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework. Moving on auditors must perform compliance audit, which involves obtaining and evaluating evidence to determine whether certain financial or operating activities of an entity conform to specified conditions, rules or regulations. Also performance audit is very crucial for some organization to assess the efficiency and productivity of the firm. So that they are able to take necessary steps towards increasing the performance of the firm in the future years by relying on the auditor’s report. Furthermore they should also carry out a comprehensive audit to ensure that elements of a financial statement, compliance and performance audits are available...

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