Accountant in Orlando – What Auditors do
An auditor checks the accuracy of a company’s or business’s prior records. The auditor can be an independent auditor, or the auditor can be associated with auditing firms. Accountant in Orlando and auditors make sure organizations are always keeping a clean track of their financial statements and their records.
Here are some of the things auditors do:
- Observe physical inventory counts
- Confirm accounts with third party and confirm accounts receivable
- Testing documentation support
- Understanding and evaluating internal control systems
- Conducting inquires to gain knowledge of the organization and how it works
- Evaluating and providing assistance in management risks
- Evaluating information security
- Providing support to company and staff
Accountant in Orlando – What Auditors do not do
Here are a few things auditors do not do:
- Maintain records
- Implement action plans
- Establishment of assets and valuables
- Prepare audit entity
- Prepare mailing confirmations
- Hire or terminate employees
Accountant in Orlando Help Reach Business Objectives
It is important for companies to have effective audit systems as it enables them to pursue as well as attain various objectives which must be matched by the corporate. A good accountant in Orlando will tell you that a business needs different forms of control from within to help facilitate its supervision, prevent irregular transactions and to detect them as well, measure performances, promote productivity which is operational, and to maintain important business records. The internal auditors go over the designs for controls and informally propose improvements, or any document or documents which carry materials which are irregular to enable investigation any further by the management.
Misstatements Provided by Accountant in Orlando
Without internal controls audit system, companies would not be able to conduct financial reports for internal or external purposes as auditors have easy access to materials misstatement in a company’s financial reports. Your accountant in Orlando will provide the financial statements.
Process & Techniques of an Accountant in Orlando
The process of auditing is not very ease, and at times can be very complicated, the following are the steps:
- Post Checking
- Casting Checking
- Physical Examination and Count
- Testing of the Existing Management & Financial Statements
- Year-end Scrutiny
- Bank Reconciliation
An Accountant in Orlando Provides Fraud Prevention
Audits performed by your accountant in Orlando help companies from being a part of fraud and scams. Their process of auditing makes them revise previous financial statements and other aspects. During this process, if something faulty has been done with the company forming in a form of loss, it will be caught by the auditor. This will help the company in the future as it will know how to prevent it from happening once again. Sometimes, it is the employee who may be caught red handed.
Capital Costs Protected by Your Accountant in Orlando
Regardless of size, capital is a necessary concern in every company. It plays an important part, but it can be tempered with. With investment come high risks, high risks mean a possibility of loss. Strong audit system can prevent that from happening and lower the amount of risks of misstatements as well.
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If you need more information about our Orlando, FL accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.