Candidate to Enter the Business World. Auditing

¶ … candidate to enter the business world. Auditing is one of the most essential functions in the entire accounting business function. I have learned that mistakes happen; we are all human and are prone to make mistakes. However, mistakes in accounting can be incredibly expensive to any organization. Therefore the auditing process serves as the last line of defense against costly mistakes and one most important part of the accounting processes.

Since organizations are prone to making mistakes on a regular basis, there have to be effective controls used to ensure that the organization is protected from these errors. Thus an audit can be the defense that ensures that the records are accurate and that organizational processes are running appropriately. Not only is auditing required from a compliance standpoint, it is important from the perspectives of the investors and stakeholders. Transparency and accurate record keeping is the cornerstone of good business practices.

Through this class I have definitely learned how significant the auditing process can be in regards to risk management and compliance. Both of these factors demand that a set of controls that can offer peace of mind are in place. Investors will often shun putting their money into organizations that are ineffective in keeping accurate books. 2. Discuss how this course has affected your professional and personal development, as well as how it has encouraged you on your academic path. This course has certainly broadened my perspective on the accounting process.

I now have a more comprehensive appreciation for how valuable certain accounting practices and effective auditing can be for an organization. There have been so many organizations in the news that have failed at monumental levels to keep accurate records. Some of these case deal with employees purposely "cooking the books" to manipulate their financial standing while others are simply rather large mistakes. However, with effective control procedures many of these risks can be mitigated and investors can be protected.

Transparent and independent auditing can keep an organization from making missteps that can destroy an organization and its reputation which can ultimately result in lost revenue or even bankruptcy. I feel that the class has given me a background that will.