Auditing Assignments Are No Longer Daunting With These 8 Foolproof Tips

Auditing is a significant area of accounting that covers several concepts which are tough to comprehend. So, writing an accounting assignment can be quite intimidating. But we have come up with some helpful tips and suggestions that can make this task much easier for you.

Take a look

1. Get Acquainted with the Basics

You can be assigned any topic from any area covered under auditing. Apart from that, fundamental concepts that come under this discipline are interrelated. So, you have to know the basics first. Otherwise, it will be impossible for you to draft an informative assignment. Get acquainted with these fundamentals.

• What is Auditing?

Auditing refers to a systematic way of examining and evaluating an organization’s financial records and statements. Auditing is done in order to assess the authenticity of all the accounting records presented by a company.

• Different types of audit

Major types of audits include:

• External audit (An entity’s financial statement is examined by an external person who is independent)

• Internal audit (An organizations’ financial statements and records are evaluated by the employees of that firm)

• Forensic audit (An individual’s or a firm’s financial records are examined for any legal procedure)

• Public sector audit (Evaluation and examination of the financial statements of state owned organizations)

• Tax audit ( Examination of the tax return filed by an organization)

• How is Auditing Done?

The process of auditing comprises of the following steps:

• Obtaining and evaluating the data

• Establishing the association between established criteria and evaluation

• Communicating the findings/results to the stakeholders

• Various Kinds of Opinions Stated by an Auditor

An auditor can produce these four types of opinion:

• Adverse opinion

• Qualified opinion

• Disclaimer of opinion

• Unqualified opinion

2. Make a Foolproof Plan

Planning your auditing assignment will keep you on track. Divide the task into small chunks and allot time accordingly. Determine the following things.

• Which type of auditing will you focus on

• From which accounting records will you gather data

• How will you conduct the research

• How will you check the authenticity of the data

• How much time will you dedicate for research work and writing task

Without proper planning, it is next to impossible to write a well-organized college paper on auditing.

3. Go through All the Instructions

Do not rush to write the assignment. First, read all the instructions (like referencing style, structure, treatment of the topic, specifications regarding financial data) provided by your professor. Follow all the requirements carefully so that you can match the expectation level of your professor.

4. Analyze the Assignment Question

You have to read the question several times so that you can analyze it properly. Try to understand what has been asked. Ask yourself the following questions while analyzing the question.

• What is the key theme?

• What aspects need to be focused on?

• What is the best way to deal with the topic?

Let us discuss this with an example.

Question: What is external audit? Explain the process with examples

After analyzing this question, it can be said that the key theme is external audit. All the steps (including pre-audit plan, reporting phase and audit time) of the process have to be discussed. Most importantly, it is required to include relevant examples.

5. Do an Extensive Research on the Topic

Professors always appreciate a well-researched paper. Do an extended research on the assignment topic. Your research needs to be systematic, organized and empirical. Follow these given tips.

• Make a Search Strategy:

Formulate a thesis statement or search question based on the topic. Write down the main ideas. Brainstorm synonyms or alternative terms for all those ideas. Combine all the key terms while searching

• Collect Data and Information:

You can collect information and data from internet, scholarly articles, academic journals, organizations’ annual reports and research papers. But do not forget to verify the authenticity of the sources

• Evaluate all the Gathered Data:

Consider the factors – accuracy, objectivity, authority, audience, and currency while evaluating all the information.

Suppose your assignment topic is “Role of an auditor”, first you need to collect information regarding all types of auditors (such as internal auditors, independent auditors, government auditors, etc). You can substitute the word “role” with “function” while searching.

6. Create an Outline

Draft an outline before you start writing the assignment. It will provide you a specific structure to follow. As a result, you will come up with a well-organized and well-structured academic paper. First, write down all the significant ideas that you want to incorporate. After that, make a structure and organize all the ideas in it. Assignments are grouped into several categories such as essay, case study, thesis, report, dissertation, etc. Each type has a specific format. Suppose you are writing a dissertation proposal on the topic “principles and techniques of auditing”, the outline should look like this:

Title page

• Title of the dissertation (Principles and techniques of auditing)

• Your name

• Academic qualification

• Institution’s name

Abstract

In this section, you have to discuss the main topic briefly. (What is auditing, major principles and techniques).

Acknowledgement

Acknowledge the persons who have helped you to write the paper.

Introduction

Here, you need to mention all the fundamental principles of auditing (such as honesty, secrecy, impartiality, consistency, evidence, internal control, etc). Auditing techniques such as inquiry, sampling, compliance test, substantive test, etc also need to be discussed briefly.

Literature Review

In this section, you have to rephrase all the notions analyzed in the existing literature. You can refer to all the theories regarding auditing and the techniques. You can also throw light on the fundamental concepts of auditing.

Methodology

Here, you are required to discuss all the methods that have been adopted while conducting the research.

Findings and Discussion

In this section, you have to explain all the principles and techniques of auditing in the light of the findings.

Conclusion

In the concluding section, it is required to restate the main topic. Do not refer to an auditing technique or principle that is not mentioned in the main body of the paper.

Reference

Here, you need to cite all the sources to avoid plagiarism. There are several types of citation styles such as APA, Harvard, Chicago, MLA, Oxford, etc. Follow the style recommended by your professor.

Appendices

This section must include examples of all the supporting items such as questionnaire, tables, graphs, interviews, etc.

7. Write the Paper

The writing stage should comprise of the following steps:

• Draft a Rough Copy

Do not write the final copy first. Compose a rough copy initially.

• Revise and Rectify all the Mistakes

You need to revise the final copy several times in order to find out all the mistakes. Rectify all the mistakes.

• Compose the Final Copy

You can write the final paper after making all the necessary changes in the rough copy.

8. Edit and Proofread your Assignment

Take a break after writing the assignment. Then start editing the paper with a fresh mind. Rewrite and omit all the ill-structured sentences. You also need to proofread your paper for removing all the unintentional mistakes (punctuation and grammatical).

Once you are done with your assignment, double-check all the spellings and make sure that you have met all the requirements. Hope these tricks will help you. Best of luck!

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