Auditing&Assurance Assignment Example | Topics and Well Written Essays - 2500 words

Auditing&Assurance - Assignment Example Auditors go evaluate reports to ensure that they are accurately presented 1. The work of auditing should be conducted by independent professionals who demonstrate a high level of integrity. They should be honest, unbiased and sincere while discharging their duties. Most organizations experience cases of fraud, mismanagement of resources, and corruption among other vices. The vices are very costly to the organization and sometimes may be the beginning of the downfall of an organization. Most organizations lose their resources through fraudulent activities that are carried out by employees and sometimes senior managers. It is not easy to establish the fraudulent activities since it is performed by skilled individuals such as accountants. The cases might go easily unnoticed if a prima-facie approach is used to verify transactions. In order to unearth anomalies and discrepancies, a proper and independent investigation must be initiated. Auditors are the only professional that can be able to launch a thorough investigation that can assist the management discover fraudulent transactions and other illegal activities2. Auditing entails a number of activities. It analyses the books of account of an organization critically. Groups carry out numerous transactions that are recorded in the books of account. Conversely, fraudulent activities may take place during the recording stage. Accountants may alter the figure so that they can embezzle funds. The role of auditors is to look into the books to ensure no suspicious transactions have been recorded. In addition, they confirm the arithmetic accuracy of the documents that have been provided. Secondly, they are mandated with the responsibility of verifying the assets and liabilities of an organization. In the case of the body, the auditors had to undertake quarterly inventory counts. Furthermore, they detect and prevent errors and fraud from occurring. Finally, they report to the management n matters relating to