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Report on Audit and Assurance

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Added on  2020-02-03

Report on Audit and Assurance

   Added on 2020-02-03

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AUDIT AND ASSURANCE
Report on Audit and Assurance_1
Table of ContentsINTRODUCTION...........................................................................................................................3Does internal audit have a role in the fight against fraud............................................................3CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................72
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INTRODUCTIONThe external complexities and increasing pressure of frauds committed by an individualhas raised the overall scope of auditing to be conducted in the organizations. The word auditrefers to the close examination of all business transactions on constant basis to remove minuteerrors takes places in order to produce accurate and reliable financial statements. The assuranceobjectives are related to the auditing as the audit of an entity is completed with high level ofaccuracy and proper evidences has collected from various sources. The opinion expressed on thereport prepared by the auditors are regarded as one of the important statements to be presented inthe external world for further dealings.Does internal audit have a role in the fight against fraudFraud is regarded as one of inherit aspects attached with all kinds of the businesstransactions which needs to be assessed by the auditors appointed by an organization in order toassess their internal business efficiency are known as internal auditors. The term fraud is definedin the legal terms as an intentional mistake committed by an individual in an organization exist inthe material (Gupta and Rai, 2016). It can be regarded as the false vouchers and forged businesstransactions that lead An enterprise towards the pile up of all business transactions into big fraudis generally termed as fraud as in this case the intention of an entity is to affect the other party'sinterest financially. The frauds can be of different forms in an enterprise such as omissions,intentional mistakes, misunderstanding created in the making of financial statements based onthe false assumptions, concealing of facts and figures in order to affect an enterprise's businessperformance. The traditional perspective of an individual related to the terminology fraud as itaffect an entity's performance which will affect the behavior of the auditor. The various anglesfrom which this particular term has been assessed by the auditors in order to ascertain the truthregarding their business (Gupta and Rai, 2016). The fraud can be committed in formed of risksand control which is considered as separate and regarded as one of the secondary objectives ofinternal audit and internal control. The overalls design of an enterprise are framed by the topmanagement in order to assign all tasks and duties in order to facilitate all of their employees incompleting their duty without affecting the business productivity in return. The weakness lies inthe internal control of an organization will reflect the deficiency of an organizational owner inamending their business decisions in order to avoid mistakes to be committed at the same3
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