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Can a small business do an internal audit?
It is quite expensive for a small business like XYZ Ltd to create an internal audit department, however, the company can create a system that checks and controls the financial operations and the company employees. An informal internal audit process would somewhat reduce fraud cases resulting from personal interests (Chi & Huang 2011).
How to write a custom auditing case study?
We will write a custom Report on Auditing Case Study specifically for you! The auditing exercise would enable the company to keep track of its revenue and expenditure and the gross profits made during a particular financial year.
Why do we need an informal audit process?
An informal internal audit process would somewhat reduce fraud cases resulting from personal interests (Chi & Huang 2011). It is noteworthy that the parent company would have split due to extreme cases of fraud.
What is the purpose of the auditing process?
Auditing is the process of examining the financial statements of an organization, correcting errors, and eliminating possible cases of fraud. The auditing process is a core activity that enables a company to control its internal activities in an efficient manner.
Last Update: Oct 2021
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Deforrest
19.10.2021 08:53
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