There is a lot going on in the world until now where all countries are battling the corona virus and struggling to live life under normal circumstances amidst the nationwide lockdown that has to be strictly adhered to in a big way as instructed by the federal government.
We are living in bad times where thieves abound all over the surroundings always looking out for valuables to steal and make their own so it becomes important to keep all your belongings safe and secure from them, which most people do it excellently but somehow or the other, it still gets stolen when the situation calls for it.
Therefore, it is said that one mustn’t have more savings than required but that is impossible for the elite class, which is why they have everything accounted and maintained in official records so that it would be useful for them to use in the near future.
Speaking of accounts, it has to be maintained on a regular basis so that there are no doubts in anyone’s mind as to whom the wealth belongs to, which is when the auditors come into the picture.
It is not that easy to manage the finances as the expenses are too high in current times while the auditors too have a hard boiled tasks to manage the owners due to their constant nagging and taunting regarding the security measures.
Auditing is basically to examine the financial records of an official entity whether it is a company or private firm to make sure that they are following the rules to the book without any discrepancies whatsoever.
Auditing is a practice that has been prevalent since the times of yore, only then there was no computer or data software to manage the accounts and everything was kept secure manually through writing it down in the pages of the official scripts, which was easy to manage without any risks to the job.
Yes, the job of an auditor is way tougher in current times to what it was back then as now detecting fraudulent transactions have become difficult due to the clever ways to breach security measures without having any harm done to the culprits and leaking out confidential info through spyware.
Auditing is quite beneficial to non-profit entities in a big way as it has due to the difference in hierarchical structure of audit service that helps manage both profit and non-profit firms in different ways.
- Non profit firms are under constant scrutiny as they are not regulated by the government so they need to abide by the state laws big time and submit their reports on time so that funds can be raised for charitable causes
- Charity is the best way to keep non-profit organizations going but many such firms use it as a platform to mint off money, thereby making auditing more important for such entities and keeping their reputation from being tarnished
- Non profit orgs need to borrow funds or apply for a grand in order to go for big projects and so the federal government needs to make sure that the funds they are providing are being utilized in the right manner without any fraud or theft whatsoever