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Advantages of an audit
1. because an audit is performed by an independent person, his decisions are chosen to fair and free and thus helps to settle dispute among management of an organization.
2. In terms of applying for loan from lenders or financial institution, the auditors report can strengthen the application of the organization.
3. It enable the auditors to give constrictive advice to management on improving the efficiency of an organization
4. It also enables stakeholders to determine how relevant the financial statement of an organization is and thus take important decision towards them.
5. it also helps organizations to comply with various legislation and standards in financial statement reporting
Disadvantages of an audit
1. It reveal the remuneration of the board of director which is one major activity management of an organization wishes not to display in public
2. It reveals the financial performance of an organization thus scare off investors if reported that the organization performance is declining consistently
3. Accountant are held liable for any discrepancy/ misinformation is revealed by the auditor that their report does not conform to the legislation and standard of account
By Barnes Eric Gavua
Accra - Ghana
+233202088832
Advantage:
- avoids independence and familiarity threats
- increase investors confidence
- objectivity / diff view or perspective
- best practices and current development
Disadvantages:
- costs ( costs benefit analysis)
-lack of understanding of co and its industry
- acceptance by co's staff ( relationship problem)
- over-dependence-- reduce learning curve
- may not be available when u need them
advantages and disadvantages continuous audit.
What are advantages of human resources auditing
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What are advantages of human resources auditing
advantages and disadvantages of non statutory audit
advantages and disadvantages of non statutory audit
An advantage to having an external audit is the fact that the audit will not be biased. A disadvantage to external audits is the process. It can be long and invasive.
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
advantages: enhances the accountability in HR operation improves visibility in the performance disadvantages: not cost effective innacurate
reasons of organization undertake HR Audit
The advantages and disadvantages of Human Resource management are vast. One advantage is that the company will run very efficiently.
it is prepared by auditor for taking action to complete their assignment in well manner.
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
It facilitates early completion of the annual audit. It helps in quick detection and rectification of errors and frauds. It excercises an effective moral check on the staff of the enterprise. It is helpful where interim figures are to be published.
Internal audits help businesses track their revenue. A disadvantage of an internal audit is the fact that it requires human resources businesses can't really afford to dedicate to audits.