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Summary OMM 622 W5 Assignment.docx OMM 622 Auditing The University of Arizona Global Campus OMM 622 Financial Decision-Making Auditing According to Epstein (2014), "All public companies must provide financial reports that have undergone an audit-a proces
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OMM 622 W5 A OMM 622 Auditing The University of Arizona Global Campus OMM 622 Financial Decision-Making Auditing According to Epstein (2014), "All public companies must provide financial reports that have undergone an audit-a process by which outside certified public accountants (CPAs) examin...
omm 622 w5 assignmentdocx omm 622 auditing the university of arizona global campus omm 622 financial decision making auditing according to epstein 2014
all public companies must provide f
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OMM 622
Auditing
The University of Arizona Global Campus
OMM 622 Financial Decision-Making
Auditing
According to Epstein (2014), "All public companies must provide financial reports that
have undergone an audit-a process by which outside certified public accountants (CPAs) examine
the books for accuracy and to ensure the company is maintaining its accounts per GAAP"
(sect.1.2, para.8). Outside auditors, such as those from a large certified public accounting firm,
are often hired to conduct audits. This paper will clarify what the staff should expect the auditors
to do and the Sarbanes-Oxley Act's requirements.
Staff Expectations of What Auditors Do
"Managers, employees, investors, financial institutions, vendors, suppliers, and anybody
else who relies on financial information expects these audited accounts to be materially correct.
The auditors' sole duty is to express a judgment on whether the financial statements are
materially correct" (Epstein, 2014, sect.5.4, para.2). In order to generate an accurate report of the
company's financial situation, the audit process goes through three steps: determining the audit's
scope, doing fieldwork, and drafting the audit report (Epstein, 2014, sect.5.4, para.11). According
to auditing requirements, the creation of financial statements is the sole responsibility of the
company's management. In addition, the auditors' job is to ensure that the audited financial
statements are compliant with tax laws.
According to Al-Dhubaibi (2021), "Auditing improves a company's financial statement
reliability and credibility, which managers can utilize for planning and decision-making.
Auditors are aware that the primary goal of an audit is to provide an opinion on the financial
statements' fair presentation" (p.1439). An audit provides for a thorough examination of the
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