Reflection of Auditing
Lisa Harris
AC410
November 26, 2013
Mark Craymar

Reflection of Auditing
What I gained from these last ten weeks will enable to have a better understanding of everything that goes on within an audit.
In any company there must be segregation of duties to ensure there is no misstatements. I am starting a new job in a few weeks and one of the topics that was discussed during my initial interview was segregation of duties. The discussion evolved around the fact that tellers could be responsible for many duties but due to the segregation of duties rule there were certain tasks creating a risk of fraud.
Auditors have a duty to investigate anything they feel may be fraud or possible misstatement. This also goes for anyone hired to review records such as a CPA or any individual in charge of reviewing Financials. It would also be their responsibility to report any wrong doings within the company. If they become knowledgeable of any wrong doing they should immediately report it to a higher authority or to the board of directors.
As I pursue my career in accounting I will remember all of this information, and if I should encounter any wrong doing I intend to report it.
I did not realize how much entailed in the requirements of an audit, I worked in banking for many years and understood we were audited every year and certain things they looked for, but did not truly understand the full extent of it until I took this class.
I have more respect now than ever before of those involved in an audit, they have an important