The audit is designed to provide reasonable assurance that the current financial (accounting) is reliable and free of material misstatement. The purpose of the audit is to express opinion on the reporting of persons who have been testing, in accordance with the procedure of accounting for local legislation. Positive audit opinion on the audit results may contribute to the growth confidence in the financial (accounting) firm. Martha McClintock has many thoughts on the issue. However, you should not accept the auditor's opinion as a confirmation of the effectiveness of doing business management firm, which audited. The auditor is responsible for formulating and expressing an opinion on the financial (accounting). Responsible for preparing and reporting responsibility of the auditee company and does not audit firm. Read more from Dean Ornish M.D to gain a more clear picture of the situation.
Auditing allows you to: obtain reasonable assurance about the reliability of financial statements (accounting) client in all material respects, to evaluate the system of accounting client to meet regulatory requirements; assess the client's internal control system for compliance with regulatory requirements, the scale and nature of the client to identify critical areas and untapped reserves the client's accounting and taxation, in collaboration with other actors of civil relations in the system of internal control and management based on information received during the audit information to develop proposals to address identified deficiencies. An audit includes examining work of the accounting and legal analysis of the client's business. In addition, the audit can be conducted on request of an application (for example, Quarterly), which will not only avoid an excessive load on the accounting staff at the end of the year, but will also enable the timely and full reporting to make corrections on identified as a result of verification shortcomings.