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Auditors principally inspect company accounts and check their records and procedures. They have various specialisms and ways of doing their work effectively which include:
Auditors will begin their process by building up an accurate picture of a company’s accounts and gaining a grounded understanding of profit and loss. Larger companies have their own auditors who constantly check on the company accounts. Others will call in an auditor to check over their accounts this being called an ‘external audit’.
An ‘internal audit’ is a full and independent evaluation of a business’s performance over a given time period and specifically highlighting any weaknesses that become apparent. The auditor must not only gather this information but be prepared to present it to the senior management.
There are three main stages to completing an audit outlined below: