Where audits are not required by law, many companies opt to have their financial information assured independently by accountancy firms.
Audits are retrospective, independent checks on an organization’s financial situation. They are often a legal requirement and are usually carried out as part of a team at the client’s premises.
An auditor will assess the client’s systems and records for accuracy, honesty and risk.
Audit and assurance work involves:
- conducting risk analysis;
- developing your client communication skills;
- preparing financial statements; and
- identifying where systems may be failing and recommending controls.