Auditing Assignment Help

Auditing refers to the systematic and objective examination of the financial statements of an organization to validate that the records are accurate and that they show the actual financial position of the organization.

The auditor is responsible for this undertaking which is aimed to ascertain that the financial statements and non financial disclosures represent a true and fair view of the organizations, performance. The auditor goes through all the company documents or makes use of viable sampling methods to assess the accuracy and level of compliance to accounting standards. The samples used act as audit evidence which the auditor uses to make an objective opinion which is given in the form of a report. Any subject matter involving the financial position and internal controls of a company is subjected to scrutiny under the auditor to ensure all organization systems remain robust and reliable.

Auditing is paramount and mandatory for all corporate organizations and recommended for all other form of investments as a monitoring and evaluation tool. The stakeholders of an organization depend on the audit report to make significant decisions, creating the need for independence and accuracy.

Based on the Agency theory, the shareholders designate the role of management to the board of directors who then appoint an executive team of management to oversee that their interest are optimally represented. The management on the other hand, are accountable for the organizations performance and therefore have to provide frequent reports representing the actual performance of the organization. Given the questionability of the honesty of management coupled by lack of independence creates the need of an independent and honest auditor who can offer the shareholders some honest opinion and advice. Owing to the auditing process, the shareholders are able to manage risks, enhance quality governance and control of the organization.

Auditing takes place in form of systematic stages, that all lead to development of an auditor’s opinion.

Auditor’s opinion falls under different categories and may include;

1. Unqualified opinion- this is normally referred to as a clean opinion. It simply means that an organization has been in compliance with the accounting standards and that books and documents are completely free of distortions and misrepresentations.
2. Qualified opinion – this type of opinion means that based on the auditors investigation, an organization has not been compliant with the requirements of the Generally Accepted Accounting Principles and standards of accounting. Despite the poor preparation of documents, this opinion does not show any misrepresentations or distortion of financial amounts and figures
3. Adverse opinion – this is an opinion given by an auditor, when an organization has failed to conform to Generally Accepted Accounting standards, while at the same time having distortions and misrepresentations in the company books and documents.

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