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financial auditing and ethics
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| Words: 1147 | Submitted: 24-Apr-2015
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Descriptiona report on auditing
Table of Contents
Executive summary 3
Financial background 4
Factors influencing risk of material misstatement 6
In accordance with the Australian government, every listed company should be audited in every financial year. Previously Queensland Fun In The Sun Pty Ltd never had auditing because it was once a private company.
The purpose of the audit was to (GRAY, 2007) ensure that the company’s accounts are well managed in an effective and efficient manner. Auditing help in minimizing the risks of losses that come about due to financial mistakes. The auditing process was influenced by the following objectives;
a) Gauge the acceptability of the accounts management
b) Determine which department is not profitable
c) Find out which department needed more funding for expansion.
d) To determine what level the company complies with the accounting policies, standards, and regulations.
Conducting of the risk analysis was the initial plan, and its aim was to determine, rate and prioritize all the risks related to the accounts management. The basis of the survey finds out whether the accounts management adhered to the standards, policies and regulations that govern accounting.
The major findings showed that the accounts management of Queensland Fun In The Sun Pty Ltd was very transparent with all the transactions done. The management knew how to distribute the financial risks and how to prioritize on them as well. The most important activities like advertisement customer satisfaction had the first priorities. All the financial policies were adhered to, and the financial management staff was very much dedicated to their jobs.
There was good management staff relationship in the company. This good relationship is what contributed to the transparency in all employees. This relationship makes the employees love their jobs and do it diligently as if it was their own. The company should continue holding their management-employee relationship, as it would ensure that all the staff is accountable in their roles.
It is in accordance with the business rules and regulations that all listed companies to conduct an internal and external audit every financial year. Auditing helps in knowing whether the company is making progress in the right way. The purpose of (FERRELL, 2010) Auditing is to help in determining which department in an organization is profitable and which operates at a loss. It was important audit Queensland Fun In The Sun Pty Ltd in order to clear the doubts of the new shareholders. The new shareholders needed an assurance that this company is the best to invest.
This report contains the findings that were made in the Queensland Fun In The Sun Pty Ltd after auditing it. It has the background information that relates ...
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