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Auditing Assignment | Financial Statements Report

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Added on  2020-04-07

Auditing Assignment | Financial Statements Report

   Added on 2020-04-07

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AUDITING
Auditing Assignment | Financial Statements Report_1
Auditing Assignment | Financial Statements Report_2
1: Executive SummaryFinancial statements are made to know the financial condition of any firm or company. Thesestatements are correct to what extent is very important to know that. Very statement should bechecked and to check these statements auditing is required. Managing the financial records of thecompany as these reports and statements provide the information of each and every detailworking of the company. Auditing is very essential it should be performed in every company asit helps the company to be fraud free and also saves the company from misrepresentation withincorrect data (Cheney, 2006). Funds management could also be done with the help of auditingas it provides a competitive market details. Proper information should be provided to the auditoras he is the one who prepares the financial reports and gives a clear picture to the management.The company should have a proper support system for financial accounting of business whichwill result in reduction of any kind of fraudulent activity will reduce. The audit reports providesand finds the risk accounts by the rectification of which the company can benefit a lot. Thesereports also provide information those benefits of auditing to the Clients availability in whichmarket. This information is helpful for the sales purpose and profits increase.
Auditing Assignment | Financial Statements Report_3
2: IntroductionThe decisions of finance are very important and are taken after a very deep study and marketresearch. The information provided in the market are the base of such financial decision marking.The investor gathers all the information about the company before he invests in it. The decisionto invest in any company is dependent on the correct information gathered from the market. Theaudit report provides such information to the market. Auditing is very useful and important forboth the investor and the company. With the auditing the financial report are prepared and thisgives a clear picture to the market. Information’s accessed by the audit report of a particularcompany. In this assignment, the importance of understanding the client by auditor is highlightedand the auditor is done (Chow & Ho, 2006). A further, discussion is done on those accountswhich can be the reasons to cause risk the financial statements which could be misstatement ofthe material. Such misstatements can affect the financial statements. Which gives an incorrectimage in the market? The materiality is set which helps incost reduction. The risk related toassessment which are related to those five accounts pertain to risk of incorrect setting ofmateriality are also a part of discussion in this assignment.
Auditing Assignment | Financial Statements Report_4

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