PROJECT An understanding of what an audit is and how it is performed helps in understanding the social function of an audit and the professional responsibilities auditors assume when they fill that function. To understand the background and logic behind the methods and techniques auditors use and the care they exercise in conducting an audit, one also must understand the environment and institutions within which an audit occurs. Knowing what constitutes an audit performed with due professional care and why particular auditing procedures are followed enables that auditor to adapt to changing circumstances in order to meet social, legal, and professional responsibilities. An auditor who understands the theory and concepts of auditing is more effective and efficient than an auditor who does not have that understanding. An audit is important as it provides credibility to a set of financial statements and gives the shareholders confidence that the accounts are true and fair. It can also help to improve a company's internal controls and systems. What you are required to do: Assume that you are an Audit Manager in an Audit Firm and a client approached to conduct an audit of their respective company. A contract is signed between your company and the client to conduct the audit based on the International Audit Standard.

Select a company of your own choice, such as Government Units, Health care organizations, IT companies, Insurance companies, Investment companies, Hotel Industry, Banking units, Mining companies etc.

Start the auditing procedures for the selected company right from the planning level to the final stages of preparing an audit report. You should explain each successive stage in proper sequence and with a high level of clarity and completeness.

The expected word length of the report is approximately 800-1000 words.