Importance of Auditing
It is to ensure that financial information is represented fairly and accurately.
Also, audits are performed to ensure that financial statements are prepared in accordance with the relevant accounting standards..
The objective is to verify and establish that at a given date balance sheet presents true and fair view of financial position of the business and the profit and loss account gives the true and fair view of profit or loss for the accounting period..
There are three main types of audits: external audits, internal audits, and Internal Revenue Service audits.
External audits are commonly performed by Certified Public Accounting firms and result in an auditor's opinion which is included in the audit report..
An audit note book is a diary or register maintained by the audit staff to note down the errors, doubtful queries, and difficulties during an audit.
The purpose is to note down the various points which need to either be clarified with the client or the chief auditor..
It is advised that all the Audit qualifications should be rectified within 90 days of submission of Audit Report and to be closed not later than 120 days.
III.
Guiding Principles on Information Systems (IS)Audit: 1..
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Chapter 1 of Auditing Notes for SA Students provides an overview of the auditing process, including its purpose and scope, as well as the different types of audits and the roles and responsibilities of auditors
The Canadian Federation of Students (CFS) is the largest student organization in Canada
Representing over 530000 students from across Canada.Formed in 1981
The stated goal of the Federation is to represent the collective voice of Canadian students and work at the federal level for high quality
Accessible post-secondary education.The CFS has its roots in Canada's long tradition of having national student organizations
Such as :Formerly the National Union of Students (Canada)
The Canadian Union of Students
The National Federation of Canadian University Students
The Canadian Student Assembly
And the Student Christian Movement of Canada (SCM).
