Discussing Auditor Responsibilities
Auditor is a profession that will be involved in finance in companies, organizations, or government agencies. For a more in-depth discussion of this profession, Auditor Duties and Responsibilities.
Auditors are responsible for managing finances within the company or organization. For that there are duties and responsibilities of the accounting firm hong kong.
What is an Auditor?
An auditor is someone who has the authority to review and verify the accuracy of financial records and ensure that the company has complied with the Taxation Law.
The auditor’s job is to protect the business from fraud, point out differences in accounting methods, and provide consulting services to companies to find ways to improve operational efficiency. In addition they are also responsible for conducting internal and external auditors.
How Do Auditors Work?
The main task of an auditor is to audit the finances of a company or client. Here is how to work or steps in a financial audit:
Collecting All Required Documents
Before auditing the finances of a company or client, the auditor will ask for several documents that will be required. Some of the documents required include:
- Copies of previous audited financial statements
- Financial notes
- Corporate debits and credits
- Checking account
- Organisation structure
- List of board names and related committees
Planning, Controlling, and Recording
The first task is to plan, control and make audit records to carry out the next task.
Doing Accounting System
Exact knowledge of transaction recording and processing systems is required in this work. This is done to serve as the basis for preparing financial statements.
The audit evidence obtained is relevant and reliable will be used to make rational conclusions.
Internal Control Process
If you want to put your trust in internal control, of course, you must ensure and evaluate these controls and carry out tests.
Reviewing Relevant Financial Statements
The auditor must review the relevant financial statements with conclusions drawn based on other audit evidence to provide a rational basis for an opinion regarding the financial statements.