An auditing exam will be conducted as part of a financial audit. This is undertaken by an accountant or a qualified auditor. The purpose of the audit is to uncover any weaknesses or potential frauds in the accounting or financial records of an organization.
If you choose to take the auditing exam then it will cover the various areas of auditing. You may have to review and assess the accounting data, the company’s profit statement, internal control information, internal revenue records and also internal audit reports. A successful audit exam will show that you know how to collect data from your sources.
The auditor will examine financial reports such as profit and loss statements, balance sheets, and revenue statements. He will review whether the financial statements and the books and records accurately reflect all the relevant financial information. He will also evaluate the procedures followed by management regarding the preparation, presentation and reporting of the financial statements. If the auditor is unable to find any evidence of fraud or deception, then he can conclude that the books and records are accurate.
The auditing exam will also examine the quality of financial statements generated by the company. The auditor will conduct tests on the systems and procedures used in preparing and presenting the reports.
In addition to reviewing the financial statements and reports, the auditor will also have to review and assess the internal control documentation. The auditor will review whether the financial controls have been sufficiently applied. The auditor will also have to review and evaluate the training and qualifications of the accountants and the auditor who prepared the reports.
If the audit finds any discrepancies between the financial data and the internal control documents, then it is likely that the auditors will recommend that the financial statements and documents must be amended. If the audit report states that the accounting records and the books and records are accurate and there was no fraud or deception committed, then the auditors will recommend that the company corrects the errors within the books and records and then complete an audit.
A successful audit exam will demonstrate that you have the knowledge and skills to undertake the audit without delay. This means that you have to follow through with the audit as soon as it is scheduled. If you do not then it could cost the company hundreds of thousands of dollars.
To pass the audit, you will need to pass the following questions: “Why did the auditor to complete this audit?” “What was the basis for this audit?”
After passing the examination, you will be asked to submit a report outlining what was learned during the audit. Your report will be written in a style that is easy to understand. It should also include a detailed discussion of the findings and recommendations. After your audit report is completed, you will be asked to sign an agreement stating that you understand the report and that you agree with all the conclusions contained in the audit report.
The company will then require that you write a report on the findings of your audit, including any weaknesses in the audit and any recommendations that you have to make that will help them pass their audits. and pass their audits in the future. As well as the written report, you will also be expected to submit the written report to the board and to obtain a certificate or license that you will carry to become certified auditor.
Once you have passed the exam, you are considered a certified auditor. However, it is important that you keep on practicing and take the audit exam for several years before you are able to sit for the exam for renewal of certification. By practicing the test you will develop the necessary expertise so that you will not only pass the exam for the upcoming year, but you will also have the necessary skills and knowledge to pass the next audit examination.
