Ashford OMM622 Auditors have come into a department explain what staff should expect

Auditing Auditors have come into a department as part of a company-wide audit prior to issuing an audit opinion for the company’s financial reports. In this paper, I will explain what the staff should expect the auditors to do. I will also be sure to include the requirements of the Sarbanes Oxley Act in my explanation. According to our book, company outsiders need to be sure that the information they see on financial reports is an accurate reflection of the company’s financial situation. This is accomplished by hiring an impartial third party to review the company’s operations and financial statements to confirm that the reports are materially correct and that proper internal controls are being used. This process is called an audit and is crucial for verifying the accuracy of a company’s financial reports. Every public company that sells stock on the public markets must hire an idenpendent certified public accountant (CPA) to audit its financial statements. Managers, employees, investors, financial institutions, vendors, suppliers, and everyone else who depends on knowledge about a company’s financial status expect these audited statements to be materially correct. The CEO and CFO must approve the financial statements that are ultimately issued to the public. The auditors’ only responsibility is to issue an opinion that the financial statements are materially accurate. The audit process includes three key steps: defining the sc...

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