Key Elements of Audits for Accounting Majors
Accounting majors take heed: recent federal reporting regulations affecting America's businesses have fueled job opportunities for those with auditing skills. Enacted as a response to corporate boardroom scandals, the Sarbanes-Oxley Act of 2002 now requires tough, new reporting requirements for all public companies.
The act created the Public Company Accounting Oversight Board, charged with oversight of accounting firms and requiring independent external audits of companies throughout the land. As a result, there are thousands more jobs for accounting program graduates to assist or direct independent, impartial audits of company books.
According to Bea Sanders of the American Institute of Certified Public Accountants, U.S. public companies are "looking to external auditors to help them" comply with the new standards.
If you're enrolled in an accounting degree program, you may want to take courses that focus on internal auditing procedures for publicly traded companies to examine an organization's information systems, management procedures, and financial record-keeping controls.
Internal audits especially examine potential fraud, financial reporting methodology, the safeguarding of assets and regulatory compliance.
Here are some key elements involved in performing an audit:
Audit Scope and Objectives
You'll be asked to assess the length of audit, the key elements for the examination, the process required for gathering and assessing data, and the regulatory requirements of the audit.
Identify Business Area
Which segment or sectors of the business are under review? You'll determine key stakeholders to interview and which specific records are under examination. Identify transactions to evaluate.
Establish Controls and Tests
Identify and establish monitoring procedure and policies for gathering and evaluating transactions. Complete risk sampling to assess validity of monitoring procedure.
Generate and File Reports
Gather findings into a detailed assessment of practices and procedures, identifying problem areas and recommending immediate actions to assist management in remedying them.
External, independent audits have now become a critical, commonplace procedure in American corporate life. Getting your degree with a specialization in the process can improve your career opportunities.
Source
Monster.com
Search Schools
University of PhoenixAt University of Phoenix, we believe everyone deserves access to higher education.
Programs
Location: Phoenix: , Phoenix AP |
|
Virginia CollegeSet your career in motion at Virginia College.
Programs
Location: Birmingham: 300 River Hills Business Park, Birmingham AL 35242 |
|
DeVry UniversityMake a difference with a graduate degree from DeVry University's Keller Graduate School of Management.
Programs
Location: Chicago: , Chicago IL |
|
Keiser UniversityFor over 30 years, Keiser University eCampus Online has provided student-centered, quality career education.
Programs
Location: Fort Lauderdale: , Fort Lauderdale FL 33309 |
|
Everest University OnlineManage your career and your life while earning your degree online.
Programs
Location: Santa Ana: , Santa Ana CA |
|
Kaplan UniversityAdvance your career with an online degree from Kaplan University.
Programs
Location: Fort Lauderdale: 6301 Kaplan University Avenue, Fort Lauderdale FL 33309 |
|
Baker College OnlineEarn a Certificate, Associate, Bachelor, Master's or Doctorate for less at Baker College Online.
Programs
Location: Lisle: 550 Warrenville Rd, Suite 101, Lisle IL 60532 |
|
Ashford UniversityEarn the degree you've always wanted at Ashford University. Be empowered with resources to achieve your goals, including an innovative online classroom and a supportive environment. Ashford University is defining the modern college experience.
Programs
Location: Online |
|
Liberty UniversityWe keep our tuition affordable because it is an integral part of the overall mission for our university.
Programs
Location: Lynchburg: 1971 University Boulevard, Lynchburg VA 24502 |
|
Allied SchoolsWhether you want to train for a new career, advance within your current company, or simply learn new skills to stay competitive in today's job market, Allied's distance education training can help!
Programs
Location: Laguna Hills: 22952 Alcalde Drive, Laguna Hills CA 92653 |
|
