Financial Management

REACTION PAPER (post audit team)

Post audit is the summarization of all the findings done by the “Audit team”, it’s the reporting of all the verdicts and evaluation to the management or to the firm itself. It is where auditor site frauds or error on the financial statement also it is where auditor discusses the strength and weaknesses of audit and suggests ways to improve the quality of the future audit efforts. Post audit activities are to ensure the audit results are clearly communicated to the appropriate level of management and to evaluate effectiveness of audit and provide suggestions for improving future audit. It also includes preparation of reports; issue final judgment and develop action plans to assertion presented. That’s what I learn and acquire upon listening, reading and understanding the concept of Auditing or the Auditing Theory of course with the guidance of you Sir.

But upon watching the skit brought by Gropu Progreso or the Post Audit Team I’m in doubt on my own understanding about post Audit, I’m Confuse to some points or ideas Post Audit Team wants to convey. These Points are as follows;

1. Is an auditor can do all the stuff in the auditing process alone?

The Post Audit Team shows only one man or one auditor who audits everything for the corporation, I think it is impossible for a I think one auditor is not enough for a corporation to be audited, make fair judgment and evaluation though shall we say that the corporation is just a small one.

2. Post audit is to present findings, suggestions and action plans not to find and look problems, error or fraud in the financial statement.

One of the good things on the skit presented is that the auditor, shows determination and courage on finding out the right answers and the truth behind certain irregularities of the financial statement of the corporation, which every auditor of any firms should possess. The auditor never gives up in looking for possible scenarios in the problems...