Auditing Fraud
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What is Auditing? Auditing is a profession similar to that of Accounting. The difference is that instead of going through the process of recording and classifying certain events to provide financial information; the auditor is concerned with analyzing and determining whether the recorded information, by the accountant, properly reflect the economic events that occurred during the accounting period. There are four different types of Auditors; there is the General Accounting Office Auditor, the Internal Revenue Agents, Internal Auditors, and finally Independent Auditors. Independent Auditors are the mostly widely used by corporations because they are the most reliable. Since an Auditor is Independent, the information he provides should be accurate with no internal influences. This is important because this profession is all about trust, integrity, ethics, and reliability of information. Without correct information from a reliable source, correct decision can not be analyzed or addressed. An auditor has several responsibilities to do, which include detecting material misstatements in any financial statements. There are two types of misstatements an independent auditor might find; he could find errors, which are unintentional misstatements, and fraud, which is an intentional misstatement...