Business Auditing Homework Help
Auditing is a refined process which helps to identify the problems in the accounts and finance department to improve the business effectiveness and efficiency.
Auditing helps an organization to use the resources correctly by increasing efficiency within the organizations. Furthermore, it is also concerned with the commitments which are made to the creditors, the suppliers and clients of the company. Therefore, without a doubt, auditing controls the internal laws and legal to create effectiveness in the work. However, auditing is maintenance of the companies system by achieving the company’s operations, goals and aims. Also, it helps to prevent the company from fraud and mismanagement of assets, by minimizing the cost of capital. Moreover, it also helps an organization in risk management of a company by making financial statements. Certainly, it would also help in allocation of the resources and assets. Company has made huge investment, it requires a lot of potential to eliminate the risk because huge investments have high risk. However, it also helps to improve company technology by creating new ways to reduce the wastage and aims to bring prosperity with profitability. Auditing adds value in organizations, as it creates a job of an eye-opener for the organizations. A company cannot manage their liabilities and assets without auditing in the business. Including, for every business, auditing is essentials because every company has capital ratio and risk is also associated with the company. Therefore, there are two type of audits one is internal and second is external. And both play a vital role in business improvement and growth.