The Difference between Internal & External Audit!

Auditing:

Auditing is an inspection, modification and check business record conducted by an independent qualified public accountant

Auditor:
An auditor is a person who checks the accuracy or correction and verification of business record.
The auditor is a person who the financial record of the company or organizations.
Jobs in the audit industry have brought many careers opportunities. Audit roles are generally classified in to two camps, indoor and outdoor. It is important to fully understand to the audit role before carefully looking at experts and niches.

Internal Audit:

In the internal audit, the practical work and risks of our business.

Internal audit is independent of other departments, but it is a function to report directly to the audit committee that resides in the organization (i.e employees). As stated in the annual audit plan, I am responsible for a wide range of the audits ( finance and non finance). Internal audit focuses on the critical business disasters and action that effectively manage risks to help organization to achieve its objective. For Example, you can investigate the risks of corporate reputation. Such as the use of overseas Inexpensive workers and strategic risks such as the production of so many products. Available resources etc.
External Audit:

External audit examine the company, balance sheet and financial statement.

External audit is an independent agency outside the organization to review. They are focused on the financial and financial risks designated by the financial account s and the company shareholder. The main responsibility of the external audit is to carry out annual audit of the financial accounting law and to judges whether its reflects the financial condition of the company in truth, As the part of this process, the external audit is examines and evaluate the risks that the many effect the financial account and determines the internal control that are the generally defined to the determined whether they are operating as planned considered.

The difference between internal audit and external audit function is as follow:

Internal auditors are employees of the company, and external audit work at external auditing firm.

External auditors are appointed by the shareholder voting, but internal auditor are approved by the company.

Internal auditor should not be CPAs, VPAs should direct the activities of external audit.

The internal auditor is the responsible for management and the external auditor is the responsible for share holder.

Internal auditor can report result in any types of reports format, but external auditor must use a specific format for audit opinion and management point.

The internal audit report are used by administrator and the external audit report are used by clients such as investors, lander, and the borrowers. 

The internal auditor can be used to provides advice and other services to advisers, but the external auditor need to the supports audit clients.

The internal auditor survey business practices and risks related issue, the external audit review financial account and the provide advice on the financial statement.

The internal auditor are conducted through out the year, while external auditor annual annual audit. If the client is open, the external auditor also provide the audit services three time a year.

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Auditor!

"Auditor is a person who check the accuracy or correction or verification of business record OR Auditor is an independent accountant who check the financial record of the company or the organization. "

The auditor is an officer who'es duties are to examine the accuracy of the business record accurately. The auditor may be an independent auditor for internal audit, external bosses or public or the private sector accounting firm. The auditor can also work in many different entities, such as IRS and the state government.

The auditor will investigate financial transaction and enable the organization to manage effectively. Their job is to track cash flows from start to finish and ensure that the organization's funds are the properly associated.

The Auditor Educations and Certification:Judges usually have a bachelor's degrees in finance, accounting, business administration. Many peoples have a degree in finance accounting. Authorized auditor and self certification (professional guide lines (CCAC) of such certifies public accountant (CPAs), certified internal audit (CIA), certifies verification organization (CGAP) Financial service increase your prospects.

Audit Report:An audit report is recorded in the annual report and the auditor's test confirm's whether the company's financial statement are consistence with GAAP. This is some time called my opinion.

Most audit report consist of three paragraphs. Initially, the responsibilities of the auditor and the directors and determined. The second is the scope that AARP is being used. Finally, the third paragraphs provides the opinion of the auditors.

Independent Auditor:The accounting auditor is a survey of the companies that do not belong to certified public accountant. (CPAs), certified public accountants (CA), financial record or commercial transaction. An independent auditor are often to used to prevent interest rate conflicts and to ensure the integrated of audit.Independent supervisors also work in public or independent accounting firm. The auditor will review the financial statement and relevant data, analyze the business operations and process and provide to recommendations to make it make more efficient. The company reviews disability assets and fair assessment, determines tax obligation, and the guarantees compliance with tax law and laws.

Traveling auditor:A person who collect and analyze the accounting data and judge the financial condition of the company. They created a financial report, found bad checking, duplication, excessive spending, fraud, law, regulation, non compliance, and management policies. We need control to guarantee the reliability and integrated of the system, create a detail report on the result of the audit and inspect cash on the hand. Acceptable and paid the travel account, negative titles and checks canceled to confirm the record are accurate. The auditor analyzed data on assets, liabilities, capital, surplus, revenue, and expenses. We will also investigate the inventory to check the journal and the accounting record.

For tax related operations, we evaluate the liquidator to determine tax liabilities using interest and discount rates, knowledge of pension and stock and bond valuation. Travel jury will also check quality, on site check, written on taxpayer office. The auditor will review the record of the settlement of the deceased land, the tax reporter and related documents. The fundamental of economics and accounting are necessary. 

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Auditing!

"Auditing is an inspection, modification or check business record made by an independent certified public accountant."

As such it is enough that L.RON HUBBARD'S purely philosophical work is enough to raise civilization, but in only the audit, every one passes through the precise route with high spiritual consciousness provide an accurate path.

Purposes:

The purpose of the auditing is to restore capacity. It is realized (1) by helping individuals withdraws from mental disorder and (2) enhancing individual liabilities. Clearly it is necessary for both individual to demonstrate their full potential. Verification of several books and materials scientology and personal use can be performed against a group alone ( like weekly scientoloy service).

At the hearing, we can see his own life, he can improve his ability to face what he is, where he is. There are major difference in auditing skills, religious experience, and other practice. In the auditing, hypnosis, trans strategy , drugs is not used. A control personal knows everything that he is happening. The auditing is accurate, well coded and accurate.

''We are introducing auditors to provides various policies and management procedure of the industry and to ensure accurate financial reporting. In additional auditing and accounting expertise, to explain good communication and interpersonal skill in the type of assessment, improvement skill, effective financial operation and compliance, this type of assessment will include the evaluation of existing financial record, information financial system and procedure, This following careers profile show example of audit function at various level of employment.

Types of Auditing:

There are different types of Auditing:

Finance Auditing > Financial auditing usually focus on financial auditing during the reports process. These review focus on the accounting management that appears in the general ledger or sub reports. The national financial audit in the subject of external reviewers. Internal audit will strength operation accounting to agreed upon - plan.

Operational Auditing > Audit works on the analysis and analysis of business process. Business process activities can have a direct or indirect financial influence on the organization, such as a student opportunities and collection of patient sales. Internal audit focus primarily on audit operation, but you can extend the scope to include accounting that effective financial report .

Auditing behavior > Audits examine the level of compliance with internal policies and external regulatory requirements.

Information System > Information system validation can see the entire infrastructure and academic networks and control related to security and system networking are maintained to supports the purpose of the university. It also includes the technical operations, data center operation, project management procedure and application management.

Integrated Auditing > Control global control, control financial risks, operations, compliance, information system. These reviews the usually focus on the specific part of the cycle or process.

Why Auditing is necessary:

The purpose of auditing is to test and test the credibility and accuracy the information displayed by the organization, accounting record. Therefore it is clear that assistance for audit involvement will be explained online. Because accounting is the bad, the financial statement are the incorrect.

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Types of Accountant!

Accountant are those who have the ability to correctly and accurately holds accounts and accounts. The accountant process and reviewing his professional account. An accountant who design and manages the accounting system necessary for recording various business , commercial and financial transactions.

There are different types of accountant: 

1. Auditor 
2. Forensic Accountant 
3. Certified Public Accountant 
4. Specialized Tax 
5. Financial Adviser 
6. Consultant 

Audit :

Audit is a details investigations of corporate record and reports by accounting professional. The auditor help to ensure the effectiveness of the project by accurately tracking official documents and agreeing to the pay the taxes properly on time. Reviewers analyze and provide the financial information on a verity of entities such as corporations, individual customers, federal, state and the local government. In addition to the basic work, we also provide information to client through the creation, evaluations and verification of financial records.

Forensic Accounting:

Forensic accounting is a special accounting field that aims court with legal problems using accounting, auditing and insulting skill. Judicial accountant are also known as forensic accountant or auditor. They are investigating white-collar including security fraud, solar eclipse, bankruptcy and other issue. Forensic accountant frequently insist on occupational negligence that has been considered and commented on the work of other experts. Forensic accountant also participate in marriage and family law to learn life for spousal supports, disposable income determination for child support, and even distribution.

Certified Public Accountant:

A certified accountant is a general accountant who works for an accounting firms or has received personal training of herself. Public accountant's day-to-day operations have extensive audits, taxes, financial plans and provide device and device on remuneration and benefit. The certified public accountant (CPA) is a legal accreditation granted to as certified US accountant of an individual who passed the unified exams of the certified public accountant. A certifies public accountant provides services to a wide range of customers including individual taxpayers, large corporations, government agencies, non profit organization and educational institutions.

Specialized Tax:

Tax payers are specially trained on tax issue. The US treasury will strengthen tax payer representing taxpayer at all levels of the internal revenue service ( IRS) management for reviews, collection and relief.

Financial Adviser:

Financial adviser are those who provide investment and financial planning services to individual, groups and government. In general, financial adviser consult customer with the intention of improving their financial situation. The financial adviser examine the individual financial need, supports investment ( stocks and securities etc), tax law, insurance decision, etc. They help client plan shorts- terms and long- term goals such as lesson and retirement. They encourage investment to achieve customer's objectives.

Accounting Consultant:

The accounting consultant is an individual with high expertise in financial reporting, pro forma financial statement, and reporting. We also reviewed, interpreted and analyze the financial statement and the report of various regulatory authorities, as well as internal control of law and organization. The accounting adviser can help companies meet all their financial need. The accounting adviser help you understand the meaning of various reports and how the data seen in the business will affect them. The accounting adviser will supports may accounting related tasks (financial forecast). Analysis of financial statement. 

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Accountant!

A record of financial transactions for an asset or an individual, such as a bank, broker, company credit card or retail profit.

Account: 1-Receive the money and pay the money 2- A contract with a bank to save money and leave transaction record 3- Arranging regular transaction 4 -Person who use internet service or e-mail of a specific company.

Accountant!

The accounting officer perform financial functions related to the collections, accuracy, research, research and display of commerce, organization and financial transactions. Aliases usually have different business management activities.Accounting is professional accounting or accounting professional who allocates the resources, management, investor, tax authorities etc to measure, disclose or guarantee financial information.

In many field, professional accounting vehicles hold training and evaluation criteria for experts. Accountant certify their abilities through experts, certification exams are guaranteed to use securities such as certified public accountant, Such as experts will accept certain responsibilities under the law, including the ability to prove the organization, financial statement and responsibility for professional misconducts. A disadvantageous account can be used by a qualified account, and it can also be operated independently without legal privileges or obligations.

Example of creating Accounting project:

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Accountant responsibilities:

Provide information on financial management through investigation and analysis of accounting data. Configure the reports.

Accounting skills and qualification:

Accounting, Corporate Finance, Reports Questions, Detailed Notes, Fixed Deadline-Oriented, Reporting Research Result, SFAS Rules, Confidentiality, Time Management, Data Entry Management, General Math Skill.

Roles of Accountant:

Prepare assets, accounting, capital accounts in collecting and analyzing accounts information.
Enter bank account information to record financial transaction.

Recommend financial action by evaluating accounting option.

Collect information and summarize the current financial statement.

Balance sheet integration income statement and losses and others reports.

Promote financial transaction through documents matching.

Maintain accounting by implementing and recommending policies and procedure.

Including accounting staff through communication activities and answering questions.

Resolve financial difference by collecting and analyzing accounting information.

Backup the database to protect financial information.

Maintain financial security by following internal control.

Prepare payment by reviewing the document and requesting payment.

Respond to questions about accounting method in accounting policies regulatory investigation and interpretation.

Compliance with federal law, local and regional legal requirement by complying with existing new law, implementing compliance, and recommending necessary measures.

Create special financial reports by collecting, analyzing and summarize account information and trends.

Maintain customer confidence and the protect your business by following confidential information.

Participate in the education workshop to maintain the experts. 

Changed of specialized policies; Establishment of personal network. Participation in experts society.

Prepare result by playing roles.

Contribute to team efforts by obtaining appropriate result as necessary.

Account Manager:

Account manager are the peoples who'es work in the company and are responsible for managing sales and relationship with specific customer. Account manager maintain existing business relationship with customer or customer groups and make business available to business.

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Tally Accounting!

Tally accounting software is used for accounting purposes. It is provided, This common tally solutions accounting software company. Tally ERP is a very robust products and complete business management solutions. Tally has been defined as the number or the debit and credit and the account list. (verb,etc.).

Tally accounting means that you need to perform accounting through tally. Tally is an accounting package. You have to purchase it on your machine and gather information about experts and trainer using tally, and you can tally accounting on your computer.

Tally. ERP 9 is a complete enterprise management software that can manage all aspects of business, such as accounting, inventory, tax , payroll and salaries and wages management. For all careers there is time to concentrate on the most important goals in order to grow the business fast.

Tally is a commonly know as accounting software for small and medium business. It does all the business functions of accounting that a particularly mid size business or organizations. .... After Tally's ERP version was released, tally's features and functions have been expanded and expanded.

Tally ERP 9 is an accounting program that have all accounts, sales, obligations and all things related to the execution of your company that can be monitored and managed, Tally ERP 9 to bring your expenses to the ceiling of several keystrokes. Tally ERP 9 is mainly used in India.

Tally main products is its enterprise resource designing software a package referred to as tally. ERP 9 with single user and multi-user licences, for big organization, inventory, management, tax management, payroll, salaries, wages, and daily transaction and others.

In basis accounting items, you need to understand tally's basis accounting evidence.

In tally' there are four main accounting documents:

• Contra Entry 
• Payment Entry 
• Receipts Entry 
• Journal Entry 

Advantage of Tally Accounting:

Tally accounting software can be introduced to small and medium business and major finance companies. It has many advantages and features. Tally. ERP 9 includes user security level, quick and easy installations, multiple user unlimited supports, internal backup, data entry or output, and graphical analysis and many others.

Tally ERP nine is one of the best accounting software available now. It is very easy to operate at great speed and offers accuracy and flexibility. Tally accounting software provides financial statements and inventory sales, purchasing and several other reports. With adaption of the function, it offer a complete solution for different types of business organizations. As a result tally software for various benefit is used by companies around the world. Some of following advantage are:

User friendly

Reliability and data security

Accounting and inventory management 

Compensation and inventory management 

Access to remote data 

data synchronization

Maintenance record of tax law

Quick access to documents

Adjustment for specific industries 

Statutory and verification tools

Tally accounting software offers a solutions to all the problems of the business really need to experience. Some software takes cares of all the tasks necessary for the management of the company. Accounting work such as record keeping, accounts receivable, accounts payable and bank statement management is promoted by record.

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Accounting Cycle!

Accounting cycle is the name given to the collective process to record and process the accounting policies of the organization. A series of steps initiated once the transaction has been executed and integration with the financial statements has been completed.Accounting cycle, is generic name given to the process of registration and treatment of accounting practices of the company. Series of steps in which transaction with financial statement completed, Integration begins. Such as the balance of general accounting, additional accounting for documents that is used in accounting cycle.

The accounting cycle often described as a process that includes the following steps: documents and transaction identification, collection of transaction are recorded in the journal, analysis, values prepare instead of general accounting and subsidiary books create an non adjusted trial chart, perhaps prepare the spreadsheet, creation and registration of entries, creation of revised trial chart, preparation of financial statement, preparation of the inclusion of the end of the year balance and opportunity after the integration and placement test, close the entry.

Steps of accounting cycle:

An organization started logging transaction and their account cycle using log entries. Entries based on credit, receipts of invoice, which lead to sale and other economics events. According to journal posted in individual account in the ledger is to prepare non adjusted trial chart. Total debit balanced test to ensure that the total credit of financial records are equal. It is entered at the end of the time. This is the result of the correction, the result of passage of time. For example an adjusted entries can earn interest that has been earned based on the basis on time.

Preparing by submitting prepared as personalized itinerary to monitor the financial statement to the company in business. By closing the entries at the end of the season-income and expenditure temporary entity will prepare the account. The entrance to this account bring net profit above the retained earning, Finally in order to guarantee debit and credit, prepare the company, which is the balance after the closing.

Timing of accounting cycle:

The accounting is the name given to the collective process to record and process the accounting policies of the organizations.The accounting cycle is initiated and completed during the accounting period. Time is a predetermined period including monthly, quarterly and the fiscal year. Transaction are added during the accounting cycle, but the balance in accounting period is usually completed at the end of the accounting period. Public institutions must submit financial statements on a specific date. Therefore, it is accounting cycle lists the reporting requirements.

Concepts of accounting cycle:

The accounting cycle is the name given to the collective process to record and process the accounting policies of the organizations. A series of steps is initiated once the transaction has been the executed and integration with the financial statements has been completed.

Accounting consist of several consecutive activities, this includes identifying, recording, classifying, summarizing and disclosing financial transaction. The next step in accounting is called the accounting process. The accounting process takes the forms of a cycle. Step-wise accounting activities are done in a circular order. Circular order are started at the beginning of the transaction until financial result are received by setting up the final account at the end of the accounting cycle. This cycle follows the same sequence every year.

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