subject: Auditing Brisbane For Financial Upkeep [print this page] An audit is a systematic examination of a process, organization, or a project. Though primarily used in terms of accounting auditing Brisbane can be used for evaluation of other aspects too.
Financial audit
Financial auditing Brisbane can be better called as the audit of the financial records of an individual or a business organization. The purpose of financial audits is to assure the stakeholders of an organization that the financial statements put out by the company are accurate. It's not only the stake holders of a company that are dependent on the auditing Brisbane information; tax department, creditors, competitors all have an eye on the audit report of a business organization. Although a lot is dependent on an audit report, auditing Brisbane is not aimed for a 100% accurate assessment rather for an assessment that is targeted towards finding any irregularities or missing information in the statement made by the business organization. Many business organizations also have internal audits before the audit done by an external auditing firm. This helps them minimize or eliminate altogether any errors in the records.
How an audit is done?
The timing of auditing Brisbane is important. It is generally done on a yearly basis, typically before an organization releases its annual report about the financial performance. Generally all the information is made available to the auditors and they examine the information and look for any irregularities or missing bits of information. They make suggestions about the statements and ask for more information if needed. It is very important for big business organizations, as their annual financial statements are extensively analyzed by various government agencies related to finance.
Who does the audit?
The process of auditing Brisbane is fairly complex and requires professionally trained people. Generally chartered accountants, operate alone when it comes to auditing small businesses and individuals. But for huge businesses an auditing firm is usually required with a team of accountants and many others to help them. There are many such accounting firms that accept auditing jobs when contacted. Also many business organizations prefer having accounting firms on contract for a long term. This is beneficial to both parties. But in recent times this relationship has been criticised with regards to objectivity of the accounting firm doing the audit. Government auditing agencies also exist. They are tasked with keeping an oversight of any malpractices or frauds being perpetrated by the myriad business organizations that operate across the country.
Is auditing only financial?
Auditing Brisbane though primarily viewed as a financial entity is not the only type of auditing done. The other types of audit involve energy audit. Energy auditing Brisbane involves assessment of energy utilization and conservation with an objective of reducing energy consumption. It is used for auditing homes of people and energy star rating is assigned. Energy audits are becoming very popular these days with more awareness about global warming and changes in the climate. Other types of audits involve performance audits that inspect performance of systems or machinery, safety and security of the processes involved.
by: Tommy Jackson
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