Audit as an examination of liabilities and assets of the enterprise
Audit as an examination of liabilities and assets of the enterprise (inventory accounting) is carried out to ensure the reliability of accounting data and reports, as well as verification of the actual availability of assets, including:
- monetary funds;
- accounts receivable and / or payable;
- fixed assets;
- stocks, etc.
The presence of assets, their condition and evaluation are checked and documented in the course of the audit.
Performance of the audit requires:
- accurate recording of facts;
- proper documentation of the audit process;
- correct reflection of the audit results in the accounting of the organization in accordance with the current legislation.
In order to comply with these principles, the best solution is to engage independent qualified specialists in the audit committee.
Engagement of independent company for the audit performance provides objectivity and, as a result, effectiveness of such revision, what is almost impossible with the involvement of staff members. The owners and managers of the enterprise in this case receive reliable and objective information about the condition of assets and liabilities and about the completeness and accuracy of their recording in the accounting and reporting of the enterprise.