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Auditor

            An auditor is a person who plans and addresses financial related audits. An audit is an examination of financial accounts to check for accuracy. By examining these audits, an auditor promotes economic efficiency and can prevent fraud. They make sure that public records are kept accurately and taxes are paid on time. Law for companies requires an audit. After the examination, auditors can give managers suggestion on systems and methods to improve their record keeping. An audit is beneficial in many ways. It helps increase capital in that business to attract more investors since investors looks at financial statements to know how a company is doing. Also audits can lower the costs in a business because an auditor can provide advices to increase efficiency in that business thus lowering costs. Business managers can also benefit from audits because they can make negotiation between other businesses easier. Other businesses can look at the audited financial statement and if it looks good they are willing to negotiate with that business. There are three types of auditors. The three types are internal auditors, independent auditors and tax auditors. Internal auditors are employees in a company. Internal auditors perform audits in company offices to ensure that they follow laws and regulations. They make sure that the company's money is used properly. In addition they prepare audit reports to the office managers that outlines the corrective measures. An internal auditor can help a manager make decision by using data instead of their own observation. Independent auditors work for different companies and usually require traveling to different cities. Businesses hire them to check to see if their records are accurate. Tax auditors analyze tax records to uncover the right amount of taxes that is owed. Tax auditors usually work for the federal or state government. With computers, it makes it easier on auditors because they can be more mobile and collect their client's information from computer mainframes.


Essays Related to Auditor

1. Auditors' Opinion Memo

In order for an auditor to show that his/her opinion is absence from absolute accuracy, he/she prepares an Independent Auditors" Report. ... This section states the auditors" results of the audit. ... As you have read, the Independent Auditors" Report is a very important document for auditors. ... The documentation found in this independent auditors" report states specifically that the auditors does not guarantee absolute accuracy of the auditors" opinion. The auditors uses the financial statements, provided by management, to give their opinion. ...

  • Word Count: 380
  • Approx Pages: 2
  • Has Bibliography
  • Grade Level: Undergraduate

2. Choosing Auditing Expert - Solar TubeGen

Assessing the competence, capabilities and objectives of the auditor's expert Ken has to examine whether the expert has the necessary competence, capabilities and objectives for the auditor's purpose before contacting the expert. ... Auditor of the company, which has taken over should appoint the new auditor only after reviewing the past audits done by the new auditor, his skills, qualifications and experience. Once the appointment is done the auditor of the company which is acquired should perform timely meetings with the auditor of the company taken over so as to keep the record of...

  • Word Count: 1569
  • Approx Pages: 6
  • Grade Level: Undergraduate

3. Overview of a Business Audit

Auditors should examine contracts not only for their conclusiveness but also for their existence (SAS 106). ... An auditor seeking third party confirmation would reasonably rely on the insurance company's confirmation. ... Moreover, Ernst & Whinney auditor Larry Gray inspected just one restoration site. ... The responsibility falls on the successor auditor to initiate communications by requesting permission from the perspective client to make an inquiry of the predecessor auditor prior to final acceptance of the engagement (SAS 84). ... The successor auditor should inquire about fraud and...

  • Word Count: 929
  • Approx Pages: 4
  • Grade Level: Undergraduate

4. The Benefits of Fixed Fee Audit Engagements

There's a debate in the accounting world concerning the use and speculation of fixed fee audit engagements; when an auditor and a client agree to a fixed fee before performing the audit (5). ... Secondly and maybe most importantly, an auditor should always be in-line with the established code of ethics that come with the position. That being, an auditor, "must carry out their auditing duties with the highest level and sense of integrity. ... Also, "an auditor must be independent in both material and in fact, and also to be unbiased and impartial." ... A fixed fee engagement can motivate a...

  • Word Count: 1218
  • Approx Pages: 5
  • Has Bibliography

5. Memo On Auditor's Opinion

Memo on Auditor's Opinion After reading this section of the book it made me question the accuracy of most financial statements. ... Example E3-3 in the book states: "It is impossible for an auditor to "guarantee" that a company's financial statements are free of all error because the cost to the company to achieve absolute accuracy (even if that were possible) and the cost of the auditor's verification would be prohibitively expensive." This tells me that anyone who can afford to pay for the auditor's accuracy will have a more defined annual report. ... I say it is n...

  • Word Count: 410
  • Approx Pages: 2

6. Enron and the Sarbanes Oxley Act

In December of 2001, Enron filed bankruptcy with $62 billion in assets; just one month after their auditor gave the company a clean report (meaning their financial statements looked good) (Buckstein). ... Arthur Anderson (AA) who was supposed to be Enron's independent auditor was giving unqualified (wrong/lying) opinions of the company's financial statements due to this conflict of interest (Buckstein). ... Anderson acted as both Enron's internal and external auditor, which poses a huge conflict of interest and is a recipe for disaster. ... SOX impacted managerial structure and ...

  • Word Count: 3410
  • Approx Pages: 14
  • Has Bibliography
  • Grade Level: Graduate

7. Adapted Responsibility Accounting

In addition, the external auditor would inform the company of any material weaknesses found during the review... - Acting as a connection between the auditors and the board of directors. ... The internal auditor's objectivity is not impaired by the preparation of policy statements on internal control. ... The internal auditor's objectivity is impaired. ... The preparation of accounting records will materially impair the internal auditor's objectivity by involving the auditor in day-to-day operations. ...

  • Word Count: 1109
  • Approx Pages: 4
  • Grade Level: Undergraduate

8. External and Internal Auditing

There is no doubt that the auditing all over the world is an important process because having a big role to explore and prevent the fraud by depending on reality and what the individuals recorded on the daily transaction .As a result every business in both private and public sectors rely on this process .This essay will focus on the exact meaning of auditing and explain the main difference between external and internal auditing or auditors. ... One major difference between external and internal auditor is responsibility in their works. (Oregan, 2003) states that the external auditor focus on r...

  • Word Count: 449
  • Approx Pages: 2
  • Has Bibliography
  • Grade Level: Undergraduate

9. The Recovery Audit Program

In 2007, a bidding competition was held to select four recovery auditors. ... CMS conducts sporadic assessments of Recovery Auditor's performance. ... If the auditors continue not reviewing the claims CMS will permanently change Review Contractors. ... Every claim that is chosen for prepayment review must be reviewed by the Recovery Auditor. ... Recovery Auditors must complete their reviews within thirty days of the documented receipt. ...

  • Word Count: 2577
  • Approx Pages: 10
  • Grade Level: Undergraduate

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