Auditing Accounting

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Auditors and other Accounting Jobs topics.

What is auditing accounting?

Auditing Accounting

According to the Department of Labor, there is a higher than average growth rate expected in the auditing accounting field. This is due to recent accounting scandals, new Federal legislation (such as the Sarbanes-Oxley Act) and increased scrutiny of company finances.

Auditing accounting requires specialized and advanced skills and training. In order to perform auditing, one must understand accounting - both in theory and in practice. Accounting involves the proper recording of transactions. GAAP (Generally Accepted Accounting Procedures) needs to be followed.

Auditing these transactions involves monitoring and testing to ascertain compliance with rules and regulations. GAAS (Generally Accepted Auditing Standards) needs to be followed. One needs to also be competent with Sarbanes-Oxley (SOX) compliance. Only at this advanced level of knowledge and expertise is auditing accounting possible.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Accounting Jobs Tip Site? Request a Tip Now!


Guru Spotlight
Carma Spence-Pothitt