what is Auditing and what is the use of  auditing in the company?
98422
Auditing simply means that when some one cheks the system with the standards. In company auditing means that when a team of professional take out a perodical survey about the different activities going on in a company to measure the performance of the efficiency. \n\nFor Example if an XYZ company has a manufacturing plant. Then during auditing various aspects of that plant wil be examined and made sure that they work according to the company's standard.
64315
A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders.\n\nThe balance sheet must follow the following formula:\nAssets = Liabilities + Shareholders' Equity \n\nEach of the three segments of the balance sheet will have many accounts within it that document the value of each. Accounts such as cash, inventory and property are on the asset side of the balance sheet, while on the liability side there are accounts such as accounts payable or long-term debt. The exact accounts on a balance sheet will differ by company and by industry, as there is no one set template that accurately accommodates for the differences between different types of businesses.\n\nInvestopedia Says: It's called a balance sheet because the two sides balance out. This makes sense: a company has to pay for all the things it has (assets) by either borrowing money (liabilities) or getting it from shareholders (shareholders' equity). \n\nThe balance sheet is one of the most important pieces of financial information issued by a company. It is a snapshot that shows you what a company owns and owes at that point in time. The income statement, on the other hand, shows how much revenue and profit a company has generated over a period of time. Neither statement is better than the other; rather, the financial statements are built to be used together to present a complete picture of a company's finances.
677208
Broadly, accounting is defined as the systematic recording, reporting, and analysis of financial transactions of a business. \n\nThere are different types of accounting, namely: Financial Accounting, Tax Accounting, Cost Accounting and Managerial Accounting.\n\nFINANCIAL ACCOUNTING is defined as “measuring and recording business transactions and providing financial statements that are based on generally accepted accounting principles. It focuses on external reporting. \n\nFinancial statements (financial data) tell us (1) the financial position of an entity at a certain date and (2) the results of its operations (profit/loss) and the changes in its financial position and variations in stockholder's equity (investment) in a period of time. (Historical information/past events).\n\nFinancial accounting aims at satisfying the interest of the "general user" which may include: shareholders, government agencies, creditors, and the general public.\n\nMANAGERIAL ACCOUNTING. Measures and reports financial and non-financial information that helps MANAGERS make decisions to fulfill the goals of an organization. It focuses on internal reporting. \n\nCOST ACCOUNTING is an information system that classifies, accumulates, controls and assigns costs to determine costs of activities, processess or products, facilitating decision making and managerial planning and control.\n\nCost accounting plays a role in both managerial and financial accounting. Some authors describe Cost Accounting as a unifying point between Managerial and Financial Accounting.\n\nTAX ACCOUNTING is used to communicate information to the appropriate taxing authorities. Generally, the Internal Revenue Service and state tax or revenue boards. It includes the procedures for determining taxes payable and compliance with other provisions of tax laws.\n\nHope this helps...
168889
WHat does your company do?
1181447
accural accounting will show that you are recognizing the expense and paying it when it is due. Take for example employee's pay. Your pay period runs sunday to sunday. Your quarter ends on a Wednesday. This must be recognized in your journal and ledger as it won't be on the employee's check. It must be explained so you will use accural accounting.\ncash accounting is like sales with cash when something is sold something is paid for. Record sales journalize then post.\nfor financial statements use accrual accounting as there will be areas that run beyond the fiscal period yet have to adhere to the GAAP
1084143
I am a public accountant who deals with small businesses.  I like to think of accounting as detective work with numbers.  When a client supplies me with information, I go through the numbers and see which ones are innocent (ie clean), and which ones are guilty.  I keep my clients on the straight and narrow by reporting ALL their income, and finding ALL the appropriate deductions.   I interview the clients to get more information, I do research on the internet to learn more about the client's vendors, and I consult with colleagues to discuss best procedures.  It can be a rewarding job.
528089
There are many types of audit that can be conducted, Financial, Operational, Strategic etc. However, most of the auditing is done by firms of accountants contracted by the company or organisation for the task. This is called an External Audit, i.e., the Audit is performed by an auditor from outside the comapny.\n\nMany major companies, and organisations (Government and not-for-profit) employ accountants and others in what is called an Internal Audit department (or Division or unit or Section) to improve their internal corporate governance and to reduce the costs of external audit. The internal Auditors should hold qualifications and have the experience necessary to effectively perform their role, and the IA department should report directly to the Board of Directors on all issues.\n\nThe purpose of internal audit is dependant on the focus of the audit being undertaken. This can range from investigation of financial losses, poor profit performance, waste and waste reduction, to environmental management and compliance and to post implementation of major programs.\n\nThe short answer to your question is:\n"An independant, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
284706
It's an audit that verifies whether what a company is currently doing, in terms of communications programs and tools, is actually getting the results it should.
1113178
Balance Sheet is the statement that shows the financial position of the Company.It shows the assets and liabilities of the company.Its usually prepared at the end of the accounting period.
290026
I'm currently a staff auditor for a public accounting firm.  I chose audit because I believe that you learn more from audit than tax.  With tax you are in the same office each and every day and you do relatively the same thing day after day.\n\nI enjoy auditing because I have variety in my career.  I am not in the office all that often, maybe 1 week per month.  Sometimes more, sometimes less - depends on the client and the firm you work for.  I enjoy traveling to different areas and I get that opportunity.  I also like audit over tax because if you want to leave public accounting after a few years (with is pretty common in the profession) you have more career options than that from being a tax accountant.
683936
People can go on and on about the differences, but basically:\n\n1.  Accountants deal mostly with the financial operations fo the company.  Things like paying the bills, keeping records of the assets of the company, and preparing the financial statements.\n\n2.  Auditors on the other hand mostly check the work of the accountants to make sure they are doing things corectly.\n\nThis is not meant as a slight to accountants, but their work is typically very repititious and can be limited.  This allows people without a complete picture of the accounting processs to work and be productive.  For example, a person can be an accountant and very good at processing payroll every week.  But if you put that same person in a fixed assets or accounts payable section they may be totally lost.\nAn auditor on the other hand an auditor should be able to switch from one part of a company's financial or accounting department to another and understand how it should work.  The auditor should also be able to review the work of those accountants to form an opinion as to whether the accountants work fairly reflects the results of the business.
665063
I'm not exactly sure what your question is.  I'm guessing you are talking about something like Accounts Receivable or Accounts Payables. Companies set up different accounts to keep track of each customer or supplier.  \n\nCompanies set up different Payable accounts for people who they owe money to, so they can determine how much they owe to each person and if it has been paid.  All the Payable accounts together add up to the amount owed to suppliers. It also makes it easier to keep track of expenses. \n\nLikewise with Receivable accounts, different accounts are set up to show which customer has made purchases, how much has been paid, and how much they still owe.  This is a good way to keep track of revenues.
867224
It means you hire an accountant. You have some advantages that most people overlook.
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It is a special form of review /audit usually performed in a case of mergers and acquisitions.Each party to a merger or acquisition transaction performs due diligent work on the other parties financial and legal position.This is some times done by the external auditors of the parties or directly by their internal resources.
354395
Do your homework is the only answer.  What does that mean? It means dig into the balance sheet. Look at the ratios.  What are they saying about the company? How do the ratios compare to other companies in the same industry? What is happening with the company? Is it making money? is it making money and increasing sales, or is it increasing revenue on the same clients? How is it growing? How good is the management? What is happening in its industry? what stage of the growth cycle is the company in? what about the industry? How is the macroeconomic environment affecting the company? Is globalization good or bad for it?  Do you get the point I am trying to make?  You have to have answers to all these questions, and those answers have to be solid.  Don't rely on looking at charts or any of those unproven methods. Charts are a picture of the past, and when you are long stocks, you only care about the future.  Know the stock, know your reasoning for owning it, and know why you should keep it.  If you cant answer all of those, you should hire a professional to manage you money for you. I hope this helps.
978517
If you mean the strict role of accounting, it is basically the processes that legally "keep score" of the company's assets, liabilities, equity, revenue, costs, and profit/loss.\n\nIf you mean the Finance function of a business, it is more broad, including:\n\n.  Keep score of all the stuff I mentioned above, and\n.  Evaluating cash flow to determine the right time to pay bills to maiximize cash\n.  Evaluate customer's credit risk and customer payables to ensure customers pay on time and, if they don't, you can collect the cash\n.  Evaluating the business financially to evaluate how the business performance in the market relative to its peers\n.  Financially structuring the business (within legal limits unless your Enron) to pay the minimal tax while taking advantage of any government or municipal tax incentives.\n.  Managing the company's physical assets (plant, property, equipment) to ensure the company can afford what it needs, to produce, can "depreciate" or 'write off' property as it wears out (which provides tax value), and cane valuate the likelihood of gaining appreciation (increased value over what something cost) on real estate wherever possible.\n\nHope this helps.\n\nTake Care,\n\nTBG
1106053
Accounting is for you/your biz/your investors/board of directors, to help you keep up with your gains and losses.\n\nIt is also required for biz's for the IRS and government stuff and to apply for grants and other special needs.\n\naccounting BALANCES the books, thus it's like a math equation that lets you know if you did everything currectly by the end or not, if not you have to go back and re-balance them again (find your error(s)).