Why should we not confuse the project audit with a financial audit?
397663
A financial audit deals with the financial statements of a company as a whole. It is primarily concerned with dollars.\n\nA project audit probably will look at the expenses of project compared tot he project budget but will also look at:\n- the progress of the project\n- performance of the project manager\n- does the project satisfy/meet the needs it is supposed identified before the project started
321973
Yeah, if the current outlay is greater than the PV of the future benefits, there's no point in doing the project.  Also, if you don't have enough money to pay the current outlay, then you can't do the project either.
412350
It's because it's the new financial year, they re-evaluate everyone, they don't tell you that they're going to do it, they don't ask you for any more information, they just seem to guess. Good Luck.
961500
Hopefully the business that you are considering has had financial audits performed on a regular basis.  If so, ask for copies of the last three years of audited financial statements.  Your investors may want audited FS.  Unless you are an accountant with experience in this field you will need to have someone do the projections for you.  The owner may require you to sign some type of confidentially agreement - run this by a lawyer.  Assuming that you can come to an agreement on the confidentiality statement (if the owner even requires one) then take what you have to a CPA with at least 5 to 10 years of experience and have that person "run the numbers" for you.\n\nIf the business does not have audited financial statements, then the next best thing are FS that have been reviewed.  If not that then you will have to settle for compiled FS.  It is just my opinion but I doubt any investors will settle for compiled FS; if you are lucky you may be able to get by with reviewed FS.  The CPA will be (sure as heck should be, if not find someone else ASAP) able to explain the difference between FS that have been audited, reviewed or compiled.  This is serious business.  Don't be penny-wise and pound-foolish.  The investors could conceivably take legal action against you if you do this incorrectly.  Good luck.
73650
The government does not audit particular kinds of claims, but returns in their entirety. The selection criteria for an audit depends more on how the information provided compares to other information the IRS already has. If there are inconsistencies, they initiate an audit.
977824
it is an audit with the purpose of discovering what (normally) went wrong. Usually to explain and quantify the extent of malfeasance, and normally undertaken where there is a high suspicion or basic proof of wrongdoing
1048664
See WorldCom and Enron....\nTraditional financial analysis overlooked the simple facts of financial analysis techniques...
262604
Most non-profits (actually they are called not-for-profits) have federal/government funds/grants.  Therefore, there are a few more standards you have to follow.  You have to focus more on compliance, i.e. you have to perform a Single Audit (OMB Circular A-133) with regards to federal/government funds and grants.  Basically you perform a similar audit as that of a for-profit but you have more compliance issues to address.\n\nYou need to be more specific about the type of not-for-profit to get the differences.
343559
This is a pretty sophisticated device so I'd bet it was put in where you work. If your work is bothering to filter things, you can bet they are going to be auditing, too--- checking to see who is trying to beat the system and break the rules. So if you like your job and want to keep it, don't even bother.
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
501723
Internal audit is not a British concept.  American firms also have internal audit departments.\n\nThink of it this way.  The *external* auditors (you know, guys like PwC, Ernst & Young, Deloitte, KPMG).  Are responsible for providing the world with some kind of outside verification that the books aren't cooked.  \n\n*Internal* auditors, on the other hand, work for the company (they aren't an independent outside firm).  They work from the inside to make sure the books aren't cooked.  They might perform checks of internal controls, might snoop around for employees with their hand in the till, might check and re-check manual accounting entries, stuff like that.\n\nSimplistic, but generally accurate.
819329
An audit is an evaluation of an organization, system, process, project or product. It is performed by a competent, independent, objective, and unbiased person or persons, known as auditors. The purpose is to make an independent assessment based on management's representation of their financial condition (through their financial statements). Another purpose of the audit is to ensure the operating effectiveness of the internal accounting system is in accordance with approved and accepted accounting standards, statutes, regulations, or practices. It also evaluates the internal controls to determine if conformance will continue, and recommends necessary changes in policies, procedures or controls. Auditing is a part of some quality control certifications such as ISO 9000.\n\n\n\nThere are two types of auditors:\n\nInternal: Those are typically hired by the company. They audit and report to either management or the board of directors or both. \nExternal (also called outside or independent auditors): They typically work for public accounting firms that are regional, national, or international. They are typically engaged to do the audit by the board of directors. \n\n\n\nAlso, here is a link that will give you different definitions of an accountant... http://dictionary.reference.com/browse/accountant
658658
Both documents are critical to your project and can be a double edge sword: they can save you an enormous amount of grief or provide it in abundance. Think in case you get sued or get a tenant from hell. Invest a few hundred dollars and get them from your attorney. Look for one that specializes in real estate. Your real estate agent or title company can suggest one. It's an expense that can save your sleep in the long run. Trust me, I've been through that and is not fun.
297127
That is called creative accounting. Think Enron, only on a very small scale :o)\n\nSure, others are doing it and maybe not getting caught. It all depends on your ethics, or lack of it. If you do it, just pray hard that IRS not audit your tax returns.
857665
Internal auditor is an emplyee of the Trustees. He does not have any legal bindings on his job. \n\nThe only purpose of an internal auditor is that he should see that the Trust money is being used in a reasonable way in accordance with the Trust deed and should benefit the beneficieries mentioned in the Trust deed.\n\nMain Objectives of the trust - are they getting accompolished?\nThe Secondary objectives are they being acheived?\n\nIs the fund / Cash being utilized for the purpose for which it is allocated.\n\nIs any trustee enjoying the benefit from the Trust assets which only the beneficiaries supposed to enjoy.\n\nAre all legal formalities adopted in the trust. \n\nAs far as the rights are concerned, you have all the rights of an employee. And nothing more than that.
140653
Project auditor will look for whether the project comply with the process defined. and check for the artifacts which has been committed to prepare and what had prepared and also will do check if the happenings are as per commited.\n\nhope this helps
785663
I depends on your capability! \n\nI suggest from Intenal Auditor to a Financial Mastro, every one is having your qualification and experience. \n\nSome click and some blink!!!