Essay Sample on Importance of Audit Reports

Virtually every organization sets both long term and short term objectives. These goals are contained within policies and frameworks that can be measured at specific time intervals. The assessment of corporate goals is done through audits which are of two forms including internal and external reviews (Dauber, 2009). In essence, quality evaluation report assesses the achievements of the organization in the light of its priorities, stakeholder expectation, and standard practices. In most cases, audits are done annually according to specific standards. One of the review criteria is the Accepted Government Auditing Standards which requires adequate disclosure of the organization considered (Collings, 2016).

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The standard terms used in documenting compliance with specific standards include concur or adhere. Multiple assessments can be conducted during the same period. These activities include measurement of performances, oversight assessments, and actual audits. It is important that both internal and external audits adhere to best standards (Dauber, 2009). Whenever anomalies are identified, relevant agencies such as the Office of the Director General is reminded to ensure adequate compliance with the set procedures as was the case during 2007 to June 2008 audit of the Florida State records (Quality Assessment Review of Internal Audit Activity, 2016). Audit reports should have details of activities conducted during the process.

The audit reports need to be written in a simple, precise and brief format that every member of the public can understand the processes used and outcomes in light of their general interests in the organization being audited (Quality Assessment Review of Internal Audit Activity, 2016). In essence, the quality assessment report provides an overview of critical of the organization such as the Florida Department of Health. An evaluation report needs to move beyond merely stating the number of auditing activities conducted during a particular period to attain clarity and precision (Quality Assessment Review Readiness, 2016). It should specify the intentions of the audit; the organization reviewed, the specific issues that were looked at and the time within which the assessment is conducted.

References

Collings, S. (2016). UK GAAP financial statement disclosures manual. Hoboken: Wiley

Dauber, N. A. (2009). The complete guide to auditing standards, and other professional standards for accountants, 2009. Somerset, N.J: Wiley.

Quality Assessment Review of Internal Audit Activity (December 21, 2016). State of Florida Auditor General. Retrieved December 21, 2016. http://www.myflorida.com/audgen/pages/subjects/qar.htm.

Quality Assessment Review Readiness (December 21, 2016). An Analytical Study of the Level of Readiness for a Quality Assessment Review of the Internal Audit Function at Organizations of Various Sizes and Operating in a Variety of Industries. The Institute of Internal Auditors. Retrieved December 21, 2016.