Accounting and audit are two different terms used in the same scenario but both are distinct despite having a correlation. Accounting includes tracking, reporting, and analyzing financial transactions whereas audit is an independent examination of the accounting and financial records and financial statements. Accounting is done to record financial transactions but audit determines whether these transactions are in conformity with the accepted accounting principles and the law.
Importance of accounting audit
The key objective of both accounting and audit is to ensure the correctness of financial transactions. Accounting audit increases the value and credibility of the financial statements produced by management. Accounting audit increases user confidence in the financial statement, reduces the cost of capital, and reduces risk for investors. Accounting audit is a specialized function in a business entity that is conducted by either internal staff, external audit professionals, or by both.
Importance of accounting audit program
Being a special function in a business, audit professionals are required to adhere to the audit procedure and the norms that have to be followed in conducting the accounting audit. Thus, โปรแกรม ตรวจ สอบ บัญชี is necessary to ensure absolute efficiency in the audit procedures. This is a checklist of the audit procedures that must be followed by an auditor in order to complete an audit. An audit protocol contains a list of items for which an audit has to be conducted. An auditor proceeds as per the checklist and signs of an item in this list when audit is finished for that item. An audit is a standard procedure but the nature and scope of the audit vary by industry.
Guide to an accounting audit
Accounting Audit Program is guided by a working paper that includes all aspects of audit and also describes the main tasks of auditors and their responsibilities. There are several legal issues that auditors encounter during the course of audit but they are guided by the program to deal with these issues.