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Nature of Audit Audit Models Audit Issues More ...
Audit literally means listening Although in most business contexts, accounts are written rather than spoken, good auditors "listen" and interpret what they are presented with.
  • what lies buried under the surface (including deliberate distortion)
  • what is absent
A financial audit is an independent verification of a set of financial accounts by an independent auditor.  Although audit rules vary from one country to another, the general idea is that auditor is supposed to verify that the accounts provide a "true and fair" picture of a company.

Audits can also be carried out for non-financial aspects of the business, such as social and environmental.

Auditors represent the interests of outside stakeholders (including shareholders and creditors), and are supposed to moderate the authority of the directors.  However, the independence of the auditors may be compromised by three factors.
  • Auditors are appointed by the directors themselves.
  • Auditing firms generate further income by selling other services to the same client.
  • A company typically uses the same auditors year after year.
Audit Models

Audit Techniques

veryard projects - innovation for demanding change

Audit Models

veryard projects > business > audit > models

New Reporting Models

New Reporting Models for Business.  Discussion document available for free download from the Institute of Chartered Accountants (England and Wales) website.  Try this URL: http://www/

veryard projects - innovation for demanding change

Audit Techniques

veryard projects > business > audit > techniques

Creative Audit

Creative listening includes attention to multiple levels of communication.  We listen for punctures and punctuation.
more Creativity and Insight


Confucius said: "At first the way I dealt with people was to listen to their words and trust they would act on them. Now I listen
to their words and observe whether they act on them." [Analects, §5.10]
more Quality and Eastern Thought

more Ethics
WIGO What Is Going On

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This page last updated on February 5th, 2004
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