What is auditing?
Auditing is concerned with critically analyzing the financial statements and records of an organization. The auditors have to give an unbiased opinion about the financial position of the company. Auditing focuses on verifying the accuracy of the final accounts and to measure the actual financial state of a company. Auditing standards are fixed and are not flexible. It is done by an external person called auditors or agency and they charge fees accordingly. It is done on a yearly basis.
Students under accounting or finance field study auditing and can consider being an auditor. It is a promising career opportunity and offers a lucrative package to students. Mathematical and accounting skills are required to be an auditor. Students need to score good marks to boost their academic performance. Also, they should focus on their auditing assignments to learn the principles and methods used. If you are also an accounting student and need help in auditing, then you can take accounting assignment help.
Mistakes to Avoid While Writing an Auditing Assignment
There are certain mistakes students make while writing an auditing assignment, go through these mistakes and avoid them.
• Unclear Reporting – If you are an accounting student you must be aware of the report an auditor has to present at the end of the auditing process. For making the report, a standard format and outline are set and it must be followed. Students sometimes overlook the format and write it in their way. These mistakes are made and they lose their grades. To avoid this error, the format should be followed strictly. If still, students face a problem, then they can take help from their instructor or another student.
• Lack of concentration – Since, it is a mathematical work and a critical examination is required, it is important for the student to focus on the assignment. If the student will not concentrate on the assignment, then he or she is more likely to make mistakes. Later you will notice the mistake and will feel overwhelmed to correct it. Hence, it is better to focus from the very start to avoid making mistakes in your auditing assignment.
• Lack of evidence – The report to be made should be supported with evidence. Although in assignments you will not have face this problem if you are thinking to do a certification or internship in auditing, then you must pay attention to this mistake. While making the auditing report, you have to list down your findings from the financial statements and records of the organization. If you are mentioning something in the report, make sure you are providing an objective fact and evidence for it. Not doing so can make your report poor. Hence, do not forget to attach facts to your findings.
• Obligation to find something wrong – This is also one of the mistakes made by the auditors and auditing students. Some have an obligation to find incorrect things, even though the report is clear. Keep one thing in mind that while checking the records and questions do not always think that something is wrong in them. With a clear mind analyze the financial statements and if there is something wrong, then list it down. Don’t waste a lot of time finding out the wrong things, when there aren’t any.
• Mathematical errors – in accounting and auditing, the most common mistake made by students is in the numeric or math. While noting down the entries and calculating the final answer numerical mistakes are made and are common. Students must always cross-check the figures to avoid these mistakes. Even though calculators are used still it’s a natural human tendency to make mistakes. Make sure you are carefully checking and rectifying such errors in the auditing assignment.
• Accounting entries – Auditors have to check the journal entries in order to avoid redundancy errors. There can be a number of mistakes while writing the journal entries like writing an entry twice, omitting the entry, entry with the wrong figure, etc. in order to check these mistakes auditors check the accounting entries. If you are interested in becoming an auditor, then make sure you are practicing this habit from the start. It will help you avoid this mistake in the future.
By avoiding such mistakes, you will be able to write a good auditing assignment. Practice, pay attention to details and avoid mistakes to improve yourself and be a great auditor (if you are interested). You can also take accounting assignment help for your guidance and assistance. If you are already good at it, you can help your friends and tutor them in their assignments.