NAME: SANCHEZ MAMANI, MAICKEL LEVY

DATE: 08/06/2020
COURSE: ENGLISH

AUDITING

DEFINITION OBJECTIVES CHARACTERISTICS NATURE

Auditing: TRANSPARENCY They FINANCIAL

It is the control of work provide real data.
that is done to
It is to demonstrate Involves the different
companies for different VALIDITY Validate the
• v that the company is changes in cash
areas information obtained.
following all the
expected standards,
whether accounting ADIMISTRATIVE
OBJECTIVITY Control
or production. the information and
establish your level of Take control of
performance. accounting accounts
It is to provide and registered
transparency to VERIFY Verify the operations.
guarantee investor operation of the
GOVERNMENT
confidence. accounts.

In the US, government

External audits confirm the entity’s
legal obligation to pay certain taxes
and duties. In the US this may be
done by the IRS.
auditing is not only a process
of confirming a tax liability
but also a method of
establishing the performance
of a non-profit organization
(NPO).
They can take one of two forms, either
EXTERNAL INTERNAL carried out by the CFO and its team or
a specially commissioned external firm
of auditors.
NAME: SANCHEZ MAMANI, MAICKEL LEVY
DATE: 08/06/2020
COURSE: ENGLISH

VOCABULARY
AUDIT /noun/Auditoria

 The company has an audit at the end of each financial year

 An audit of the company’s finances is currently being carried ou

ABNORMALITIES/noun or adjective/Anormalidad

 An increasing number of tests are available for detecting foetal abnormalities

 But I saw nothing in his brain scans that might suggest abnormalities.

CONTROL/verb or noun/Control

 The government is trying to control spending.

 You're going to have to learn to control your temper.

VERIFY/verb/Verificar

 States must verify applicants' citizenship status.

 The results will need to be independently verified by experts

DEFRAUD/verb/Defraudada

 They are both charged with conspiracy to defraud an insurance company of $20,000.
 The police made a number of arrests at the company's head office in connection with a conspiracy to defraud investors.

OBJECTIVITY/noun/Objetividad

 He questioned his manager's objectivity.

 An auditor must always give the appearance of objectivity and impartiality.

VALIDITY/ adjective/VALIDEZ

 The second has validity, but within limits.

 Some programs that check for valid dates stop at the range check and don’t pursue validity checks.
NAME: SANCHEZ MAMANI, MAICKEL LEVY
DATE: 08/06/2020
COURSE: ENGLISH

STATISTICAL SAMPLING/noun/Muestreo estadístico

 We will carry out a statistical sampling of the ENRON company

ADHERE TO/verb/Adhieren a los procedimientos

 Each auditor has to adhere to the situation.

OUTCOME/noun/Resultado

 The outcome of an election

 The outcome here was instant.

SLOPPY/adjective/Descuidadas

 He became sloppy and uncontrollable.

 You get sloppy and make bad decisions.

ITEMIZATIONS/noun/Artículos

ACT ON/verb/Actuar en consecuencia

 The auditor’s findings are then shared with the IRS who will act on it.
 Auditors act on the results.

TRANSPARENCY/noun/Transparencia

 The letter t stands for transparency.

 Obamas campaign promise about transparency
NAME: SANCHEZ MAMANI, MAICKEL LEVY
DATE: 08/06/2020
COURSE: ENGLISH

QUESTIONS

1. Why are internal audits so important to large corporations?

Because it helps to carry out an adequate control of the operations and for the external external audit it will be much
easier to validate data.

2. Why do you think so many people fear being audited?

Companies fear because they do not have adequate control systems, they present deficiencies in documents and
operations. If a problem is found they fear the sanction that will be given.

3. What kind of source information would auditors need for: An internal audit? An external audit?
Yes, an external audit would be needed as a basis to start from the beginning but also an instantaneous registration
systems that show real information.