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 control process in place there would be no way of verifying that the information produced was correct and that the company wasn’t being defrauded.
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- Why are internal audits so important to large corporations?
- Why do you think so many people fear being audited?
- What kind of source information would auditors need for: An internal audit? An external audit?