In larger firms, audits are often used, as a control for the work of the accounting department. In this unit, we discuss several kinds of internal and governmental audits.
Now Studying: Auditing
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Vocabulary Builder Activity
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Reading Activity: Auditing
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There are few words for an accountant, which cause as much concern as the word ‘audit’. Audits, whether internal or external, carefully study the accountants work and identify any errors or abnormalities.
In large firms audits are often used as a control for the work of the accounting department, in these firms the accounts departments may deal with millions of dollars a month and without a…
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Speaking Practice Activity
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The accounts manager must verify all payments over $10,000.
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The validity of the accounts was questioned by the IRS and an audit was performed.
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Increased transparency in the accounting department has increased shareholder faith in the company.
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Writing Practice Activity
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- Why are internal audits so important to large corporations?
- Why do you think so many people fear being audited?
