The financial audit planning process requires careful bookkeeping and good organization. Auditors typically evaluate a business’s bookkeeping and gather supporting documents that will back the journal entries. On occasion an auditor may even conduct a physical procedure like visiting a facility. If your company doesn’t follow the rules, you may end up with penalties toContinue reading “A Guide to a Successful Financial Audit for Businesses”
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Major Differences Between In House Audits and External Audits
While in house and external audit functions are complementary and may need to work closely together, their purposes and areas of focus are different. The Institute of Internal Auditors (IIA) emphasizes that the two functions do not compete or conflict; rather, they both contribute to effective governance. Purpose- An in house audit analyzes and improvesContinue reading “Major Differences Between In House Audits and External Audits”
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