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Essay / Research Paper Abstract
This 5 page paper looks at both internal and external audits, and offers solutions for common problems. Fraud is carefully examined and examples are provided. Bibliography lists 10 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA012Frd.rtf
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Unformatted sample text from the term paper:
or internal audit is not usually pleasant, it is a fact of life and one which prevents future problems for firms both in and outside of the United States. However,
despite the best intentions of internal and external auditors, there are weaknesses in the profession. There are problems which go undiscovered despite the implementation of careful auditing processes. There are
difficulties which are discovered that turn out to actually be legitimate practices. While most auditors follow the same rules, and try to use similar notions, problems do occur from time
to time. It is important to realize that there are various types of audits; auditors have different employers and therefore, different motives. There are audits where the government
ensures that statements are in accordance with regulations and further, that they are accurate. Then there are internal audits where a firm or government branch checks itself to make sure
its employees are performing their duties. This latter type also assures that the firm is in compliance with applicable regulation. In conducting both internal and external audits, it is important
to understand that financial accounting needs to be done in accordance with certain regulatory bodies. Despite auditing on a wide scale, fraud is still a problem. What can be
done to detect fraud (Calderon & Green, 1994)? It is obvious that there is no simple answer or the problem would not persist; one solution to help with this
matter includes a multitiered effort to bring talents and resources of internal auditors, controllers and external auditors together (1994). Internal auditors have traditionally been expected to pick up fraud. However,
external auditors also bear some responsibility for the detection of fraudulent activity (1994). Thus, one suggestion which would improve quality of the auditing process is to emphasize fraud
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