New Chartered Accountants Site Explains what Constitutes an Audit

Should you be considering beginning a graduate career in accountancy, particularly inauditing, refer to the new website launched by ICAEW (The Institute of Chartered Accountants in England and Wales).

It has been designed with non-accountants in mind and specifies simply what anaudit is, how and audit works and why auditing matters.

This site ought to be of specific interest to graduates who are getting ready foraccountancy interviews as it provides an overview of suggestions which have been made to improve the auditing process, and present issues under consideration.

For example, the site provides a concise summary of the main elements of the ‘provision of non-audit services’ issue. Currently, audit firms can offer both audit services and consultancy work. However, should a firm be advising on financial planning and providing an independent audit that may be viewed as a conflict of interest.

The web site is a fantastic resource for you to discover more about audits and help you to become more confident prior to an interview.

You can also pose any questions about this topic in the question-and-answer section, with an expert on hand to answer your query.

An audit involves reviewing a company’s financial data and procedures to provide reassurance that shareholders’ money is being used effectively, and to offer them with the necessary information when considering investing in a company. The final report offers assurance as to the company’s financial information being ‘true and fair’.