Auditing
Introduction
Appropriateness and sufficiency are the only determinants of the persuasiveness of evidence. Appropriateness of proof is a measure of the quality of proof, reliable and relevant in achieving auditing goals for an activity. At the same time, the quantity which is obtained in auditing determines its sufficiency. Audit procedures are detailed instructions that explain the audit evidence obtained while auditing. Under timing, auditing is done yearly. Auditing will be complete after distinct weeks or months after the end of the financial year or biennium. Timing decision can be contrived by a user where he requires an audit to be done. It is usually done between one and three months (Sirois, Bédard & Bera, 2018).
Auditors are the ones who determine which items are to be tested in the population—taking an example in selecting 60 bookkeeping records from 6000 to try. Randomly the auditor will select a week and examine the 60 bookkeeping records which the auditor suggests to be having an error. An auditor is the one to decide on the sample size. An auditor can select 60 bookkeeping records to make a comparison with a cash disbursement journal. Two determinants determine the appropriate size sample; effectiveness of the client’s internal control and auditor’s expectations of misstatements (Maestrini et al., 2018).
If a client changes from FIFO to weighted average inventory valuation in a current year can be reflected in the auditor’s report in different ways. A weighted average is a calculation that accounts for the varying degrees of the usefulness of the number in the data set. At the same time, FIFO is an accounting technique in which assets bought or acquired first are disposed of. An alter in accounting fundamentals is a word used when a sphere chooses between mismatched generally accepted accounting fundamentals or alters the technique in which a concept is applied. Any changes may be difficult to read or understand (Commerford, Hatfield, Houston & Mullis, 2017).
Whatsoever change made, it should be applied to all prior reporting period. Any nature change should be disclosed in the footnotes of financial statements without leaving behind the rationale used to justify a change. A client changing from FIFO to Weighted-Average, an auditor must apply the change to all prior reporting periods. The adoption of new principles in accounting will result in material altering an asset or liability, which must be reported to the retained earnings opening balance. This clearly shows how a change should be reflected in an auditor’s report. Every year if there is a change, it must be recorded by an auditor in his report.
The client’s performance measurement system is used to; communicate that to reduce the emotions, increase practical problem solving, monitor progress, give feedback and increase the influence. Planning control and evaluation. This is the process that does help to analyze measurements so that decisions and assessments can be made: improvement and measurement. Improving in any activity must be measured first because size supports improvement. Resource allocation helps to distribute limited resources to the hardworking activities. The performance measurement system will allow auditors to know everything about an organization’s overall performance (Sirois, Bédard & Bera, 2018).
Key performance indicators refer to a set of quantifiable measurements used to measure a corporate or a firm’s overall performance in the long term. The key performance indicators help regulate a firm’s financial, strategic and operational achievements compared to other business within the same territory. The key performance indicator examples for bank include; current ratio, working capital, existing account received, operating cash flow and accounts payable process cost. Average downtime, EBITA, inventory turns, Throughput and safety incidents per employee are examples of key performance indicator in the automaker. Time on site, traffic source, bounce rate, page views per visit and new visitors are key performance indicator examples for food retailers.
Reference
Charifzadeh, M., & Taschner, A. (2017). Management accounting and control: tools and concepts in a Central European context. John Wiley & Sons.
Commerford, B. P., Hatfield, R. C., Houston, R. W., & Mullis, C. (2017). Auditor information foraging behaviour. The Accounting Review, 92(4), 145-160.
Maestrini, V., Martinez, V., Neely, A., Luzzini, D., Caniato, F., & Maccarrone, P. (2018). The relationship regulator: a buyer-supplier collaborative performance measurement system. International Journal of Operations & Production Management.
Sirois, L. P., Bédard, J., & Bera, P. (2018). The informational value of key audit matters in the auditor’s report: Evidence from an eye-tracking study. Accounting Horizons, 32(2), 141-162.
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