Auditing and Assurance Services Essay Example | Topics and Well Written Essays - 500 words

Auditing and Assurance Services - Essay Example The objective of the paper signifies the importance of the auditory system along with the reliance level that can be provided towards the audit process. This paper also intends to reflect on the pros and cons of the auditory as well as assurance services that need to be present in the financial statement of the organizations. The auditing process of an organization or a firm involves with the model of accountability, inspection of the monetary reports along with the financial demands for assessment of the auditory system. The audit process in this regards provide with the statements which significantly fulfill the gap of expectations between the user and the financial statements. The auditing process for the organization generally involves with the convenient regulation dealing with control tools of the system. Conducting an auditing and assurance program also assists an organization for the critical assessment of the financial statements with the proper evidence. In this context the application of tools as well as techniques examine the main revenue along with the cost activities of the firm. Management representation of the organization, identifying the errors as well as the weaknesses of the financial activities of the firm is also an important responsibility of the audit process for the organization. Therefore, documentation of the audit and assurance shall provide the management with valuable assistance in taking the initiatives according to the review of the financial statements that were prepared in the audit process of the organization. The assurance service of the auditing process further helps the auditors to keep the record of the evidence in the auditing process of the firm (Pearsoned, â€Å"An Introduction to Auditing and Assurance†). With regards to the pros and cons of the process in the auditing system, it can be said that it may help to forecast the future cost activities of the firm along with the