Week 2 Discussion
What is an audit (in the context of financial accounting)?
An audit is basically carried out to assess an individual, institution, system, process, organization, project or product. Audits are usually conducted to verify and ascertain the reliability of any given information and as such providing an evaluation of the internal control of the subject under audit. In the context of financial accounting, an audit represents an assessment of objectivity, in which the management of a firm presents its financial statements (Siegel et al, 2015). The auditor gives a report based on these results.
Can an audit ensure that fraud and theft are not present in the accounting system? Why or why not?
Definitely, audits play a critical role in ensuring that theft and fraud are not present in the accounting system. They act as anti-fraud mechanisms which are focused on the measures to detect and prevent fraud on time. Internal audits and internal controls are the core elements of these anti-fraud mechanisms.
What are some ways in which accounting for healthcare organizations (HCOs), especially not-for-profit (NFP) ones, tends to differ from accounting in other industries?
Accounting in health care organizations and especially non-profit ones differ from accounting in other industries in very many ways. The most important difference is the number and variety of the products that are produced by health care providers. HCOs…
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