How The Corporate Audit Can Benefit Any Large Corporation

Corporate audit procedures can be carried out by external accounting firms, or by people within the company itself. Everything depends on what the objective of the audit is. Most audits are carried out by accounting firms, because at least part of the purpose is to establish credibility with the outside world. This is usually for the purpose of raising finance, but it can simply be to keep the share price high and to retain confidence in the organization. The other type of audit carried out by corporations is the internal audit, which is solely for the benefit of the managers.

The audit created by corporations as part of their marketing campaigns has its roots in a totally different place. Public audits were the first to be instigated, in order to prove to taxpayers and subjects that their money was being well spent. When the commercial sector began to grow rapidly in the industrial age, companies used auditing to prove to potential shareholders that they were worth investing in. As company structures became more complex, so did the auditing systems which were needed to evaluate them.

The increasing complexity of the company audit has meant that there are more places to hide the truth, and to create false accounting. Auditing and accountancy firms are needing to be ever more vigilant, now that real world events have shown them the consequences of failing to see what they should have noticed. There have been many scandals of companies falsifying their financial position and pulling the wool over the eyes of accounting firms, but the Enron scandal is by far the most grievous. One of the largest accounting firms in the world lost their license to audit as a result.

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The external audit carried out by accounting firms remains the most common audit, and these are usually funded by the company being audited. This can create a conflict of interest in itself, but the fate of accounting firms who have failed to spot anomalies will certainly deter any from deliberately covering up for a contracting company. The largest names in the industry have a habit of taking virtually all of the business, because clients know that having an established name on the audit is essential.

The corporate audit which is carried out internally is also becoming increasingly important. Complex structures make it harder for a manager to keep track of what is happening throughout the organization. A financial audit can help to highlight areas where expenses can be reduced while achieving the same results, and where it may be possible to realize greater gains from the assets created. A process audit can help to define areas where objectives may be more easily achieved. Both of these audits can be combined and carried out together, as part of one general corporate audit.

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Billions wasted by local governments across SA - Independent Online

Independent Online

Billions wasted by local governments across SA
Independent Online
And the problems are the same: unskilled municipal officials and mayors; failure to ensure that the basics - including budgeting, cost-management and adhering to the prescribed tender processes -are done correctly; as well as a lack of accountability .

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Preparing for an OCR HIPAA Risk Assessment Audit - HealthITSecurity.com

HealthITSecurity.com

Preparing for an OCR HIPAA Risk Assessment Audit
HealthITSecurity.com
March 27, 2017 - While healthcare organizations should not panic over the idea of a potential HIPAA audit or risk assessment, they should ensure that their privacy and security measures are comprehensive and current. This will not only keep sensitive .

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Proof Of License, Insurance Missing For Volunteers Who Drove Children In State Care - Northwest Public Radio

Northwest Public Radio

Proof Of License, Insurance Missing For Volunteers Who Drove Children In State Care
Northwest Public Radio
A driver's license and proof of insurance are two basics before getting behind the wheel. But Washington state auditors couldn't find those documents for four volunteer drivers who ferried foster youth to appointments. . In response to the audit, the .

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Achieving compliance in the cloud - CSO Online

Achieving compliance in the cloud
CSO Online
More and more organizations are moving toward cloud technologies for scalability, cost reduction, and new service offerings. Here's a look at cloud basics and auditing for compliance challenges.

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South Africa: Cogta Providing Support to Struggling Municipalities - AllAfrica.com

South Africa: Cogta Providing Support to Struggling Municipalities
AllAfrica.com
Cooperative Governance and Traditional Affairs Minister Des Van Rooyen says the department is providing support to municipalities that were flagged as having performed poorly in the Auditor General's latest report. . As part of consolidating the .

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Cogta to aid poor performing municipalities - IMIESA

IMIESA

Cogta to aid poor performing municipalities
IMIESA
According to Cogta Minister Des Van Rooyen the department has a Back to Basics Programme as an overall framework and it is working with the Auditor General's office, National Treasury, provincial Cooperative Governance and provincial Treasury .

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Alum Rock faces credit slam after critical state audit - The Mercury News

The Mercury News

Alum Rock faces credit slam after critical state audit
The Mercury News
The bathrooms at Cesar Chavez elementary school are EURin despicable condition,EUR Gonzalez said. She was objecting to the board spending $10 million to build a Fischer Middle School multipurpose room while delaying repairs on basics like bathrooms and .

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After Microsoft's Free Basics Moment, Spotlight on White Space Tech - The Wire

The Wire

After Microsoft's Free Basics Moment, Spotlight on White Space Tech
The Wire
The DoT is undertaking an internal audit of just how much spectrum is up for grabs, while the telecom regulator may kick off a consultation process in the coming months. Microsoft CEO Satya Nadella with Information Technology Minister Ravi Shankar Prasad.

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