Who handles the accounting and auditing process in business.

[TOZZIBLINKZ]

In a business organisation that is totally important that accounting and auditing processes must be carried out in order to ascertain or determine the financial standing and performance of the business. In a sole proprietorship business, the sole proprietors him or herself is responsible to carry out any accounting and auditing process concerning the business, and that is because a sole proprietor is basically an individual who carries out business without any involvement of another individual, and so in as much as he enjoyed the business profit and bears all the business losses, however he or she must carry out the business accounting and auditing processes. In the case of a large-scale business organisation, ownership may be differently separated from management, and it is those who are at the managerial sector of the large-scale business organisation that are responsible for carrying out all accounting and auditing processes.

The management sector of the business, may possibly include: managers, directors, CEOs, accountants, and bookkeepers. Each of these individuals listed above have mandatory and paramount role and objectives to play in determining and ascertaining the financial position and performance of the business. Business cannot survive without having to pass through accounting and auditing processes, and that is because this processes totally determines the financial standing and performance of the Business, in other words it helps to know whether the business is making profit or possibly running on a loss.

 

[CALVINDOL]

It is definitely not in all cases that the business owner gets to carry out all managerial and auditing processes of the business, and that is because they are some business organisations established in some regions and countries of the world of which management is totally separated from ownership. Basically what that means is that the owner of the business does not necessarily carry out managerial and auditing processes. Instead the managerial accounting and auditing processes for the business is been entrusted to another who is considered to be creative and skillful in playing the role of the manager or the accountant of the business organisation.

It is totally very important for businesses to have good managerial employees who are ready to carry out auditing activities about the business, however this auditing processes helps to ascertain the financial standing and performance of the business, as well as tell whether the business is making profit or possibly running on a big loss.

 

[Axis]

Both the accounting and auditing of a business firm is definitely very important to ascertain the financial performance and position of the business. However the accounting and auditing process of business can be done by employees residing inside the business or possibly buy external employees who exist as a chartered accountant and chartered auditors. In case we a business organisation have already employed auditors and accountant, when is possible for this two to carry out the auditing and the accounting process of the business, but in a case we the business organisation does not have employed auditors and accountants then they can employ an external auditor or accountant in which date was seating allowance as stipulated in the contract.

The business officials must definitely be available while the external on the internal auditors and accountants are carrying out their auditing and accounting process of the business, business because they must supply the accountants and auditors required and expected information about the business in terms of profit, losses, depreciation, expenses and expenditure, liability, and assets etc.