Auditing is the independent examination of financial statement of an organization with a view of expressing an opinion as to know whether those statements give a true and fair view and complies with the relevant status. This opinion is expressed in the form of a report. The person carrying out such an examination is known as an auditor. The auditor has not reviewed the financial statement only, he also carried out a skillful and careful examination of the records of the organization in order to ensure that the financial statement are a reflection of the affairs of the organization as appeared in those records.
It is important to appreciate that for any procedure to quality as a part of the system of management audit, it must be established or at least approved by management. Hence, it is at part of the auditor to establish the system of management audit. Whenever, the auditor is involved in the establishment of audit management, heactys only in an advising capacity. Therefore, the duties of prevention and detection of frauds and errors are primarily the responsibility of management and has not form parts of the statutory responsibility of the auditors.
Naturally, there are two types of performance. The managers and the upper level managers performance. The managers in the other hand are the joint of most audit firms (controller of the resources of the organization). They are engage in the planning. Controlling reviewing and at times, the direct supervision of both individual engagement and a group of audit management or engagement simultaneously. The thorough completion of the audit work and adherences of laid down standards are the primary responsibilities of the manager. We also have different categories of managers but with similar function E.g. principle managers, senior managers deputy managers and assistant managers with varying degrees of experience.
In order to prevent friction and ensure the smooth running of the organization, there should a clear structure of authority defining the responsibilities of each official or department special duties should be assigned to staff with the relevant skill and performance. To prevent bottleneck in the procedures a definite arrangement should be made for staff to take their annual vocation to replace those who are absent. It is in thee process and context that management audit starts.
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