Auditing AC410 Reflection
Importance of Auditing in business studies
Auditing is one of the most important and essential subjects in any business degree today. Auditing not only the study of identifying business errors and frauds, but it also enhances the business knowledge and the mental approach of businessman. By studying audit at college, it automatically develops the ethical aspects of business because business ethics is the core area of business studies at college level. Moreover, by adopting the business ethics at student level, it will assist the students in making business decisions in practical business decision making. (Bennett)
Another important advantage of studying audit at college is that it will keep students in touch with the changing standards of accounting and auditing, such as IAS, IFRS and GAAP. Moreover, for further studies, audit course will help students, in fact it will force students to memorize and keep recalling the accounting and auditing standards because auditing is all about the international standards of auditing and accounting. (Bennett)
The most interesting part of the subject of auditing is that it explains about the controls over financial statements, stock management and labor management as well. This means that auditing course covers all the important subjects in business degree. In simple words, to study auditing, it is very important to recall the earlier studies of cost analysis, financial accounting, accounting reporting and taxation. Therefore, audit course contains the summary of all important courses of the degree. (Kuman, 2011)
When it comes to practical business, auditing is compulsory for business all over the world. If the manager is aware of auditing and its importance then the manager will make those business decisions which will be good for the business and will not make any conflicts with the audit reports from auditors. (Kuman, 2011)
References
Bennett, C. The importance of good auditor training. Retrieved from
http://www.satra.co.uk/spotlight/article_view.php?id=372
Kuman, M. (2011, February 15). The importance of auditing. Retrieved from
http://ezinearticles.com/?The-Importance-Of-Auditing&id=5928299
