By William H Webster, CPA
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Extra info for Accounting for managers
The auditors use various audit techniques to sample, test, and analyze the company’s internal controls. Depending on company procedures, this could involve a paper chase using statistical methods to examine a number of transactions or a computer program that puts several test inputs through the system. qxd 44 8/29/2003 10:21 AM Page 44 Accounting for Managers frequent progress reports to management, keeping them abreast of preliminary findings. When fieldwork is done, the audit team goes back to analyze its data and prepare its findings.
Qxd 8/29/2003 4:31 PM Page 25 How to Speak Accounting 25 ❏ Double-entry bookkeeping keeps the books in balance. ❏ We illustrate double-entry bookkeeping by writing transactions in T accounts. The left side of the T is always a debit. The right side is always a credit. Depending on where the account is classified within the equation elements, an increase or a decrease could be either a debit or a credit. For each transaction, the total debits equal the total credits. ❏ The accounting system is based on a chart of accounts that establishes all of the pots where you’re going to record transactions.
If the cost/benefit threshold is crossed and the controls restrict work and increase frustration, they often increase the possibility of fraud. If your company has no internal controls or does not pay attention to them, it could be beneficial to have an audit with a stated objective of examining internal controls. After all, a main reason for internal controls is to reduce the risk to the integrity of the firm’s financial statements. Control Your Controls Audits There are three types of audits that CPAs perform—an audit, a compilation, and a review.