Public auditing organizations - Courts of Accounts and Comptrollers

The Court of Accounts or Court of Accounts is a type of superior auditing entity, structured as a collegiate body, responsible for supervising and judging the regularity of public accounts and financial management. Its equivalent in many Latin American countries is the Comptroller General of the Republic.

Private audit companies

Towards the end of the century there were eight large companies in the world dedicated to the auditing business, known as the Big eight (in English, the "big eight").[10]​.

The big eight companies merged together until they formed the so-called Big five. Since the disappearance of (Arthur Andersen) in 2002. Of that group, the four survivors are known as the "Big Four (consulting and auditing)": Deloitte, PricewaterhouseCoopers, Ernst & Young and KPMG. Other relevant private auditing companies have joined them:[7]​.

Contenido

Normalmente las normas aplicables para la confección de los estados financieros son las del país donde está registrada la empresa emisora. No obstante, en ciertas ocasiones los estados financieros son confeccionados según las normas NIIF (Normas Internacionales de Información Financiera) (IFRS, por su sigla en inglés). Además, existen normas de auditoría NAGA (Normas de Auditoría Generalmente Aceptadas), que a nivel internacional se corresponden con las Normas Internacionales de Auditoría (ISA, por su sigla en inglés).

Las técnicas de auditoría son los métodos prácticos de investigación y prueba, que el contador público utiliza para comprobar la razonabilidad de la información financiera que permitirá emitir opinión profesional; estas técnicas son las siguientes:.

En forma semejante, el auditor podrá observar la existencia de operaciones extraordinarias mediante la comparación de los saldos de resultados del ejercicio anterior y del actual. Además, sirve de orientación para la aplicación de otras técnicas, por lo que deberá de aplicarse antes que otra.

Esta técnica, se aplica solicitando a la empresa auditada que se dirija a la persona a quien se pide la confirmación, para que conteste por escrito al auditor, dándole la información que se solicita y que puede ser aplicada de diferentes formas:.

esta técnica, se aplica cuando la importancia de los datos o el resultado de las investigaciones realizadas lo ameritan.

Purchase audit or "Due Diligence"

In the case of Mergers and Acquisitions of companies, the purchasing party needs to know in detail the status of the company to be acquired. The basic function of the purchase audit or "due diligence" is to value the assets and debts of the target company, investigating the significant aspects of its past, present and foreseeable future.

Due diligence allows you to evaluate the company in progress, value its assets and liabilities, know its legal aspects such as contracts and statutes, compliance with current legislation, registered trademarks, intangible assets, determine the contingent risks of the business, current and potential lawsuits and determine the existence of hidden liabilities, real or potential. Also evaluate intangible assets such as human capital, knowledge, company culture, leadership capacity, etc. As a result of carrying out the work, a report is prepared with comments and observations that will serve as a basis for negotiating the final agreement on issues such as potential contingent risks, guarantee clauses, etc.

The statement of cash flows. It is a statement that reports on the use of monetary assets representing cash and other equivalent liquid assets, classifying the movements by activities and indicating the variation of said magnitude in the year.

Other types of audit

When the use of new technologies became widespread, the need also arose to carry out audits on information systems. In this sense, it could be said that computer auditing includes the set of activities aimed at validating and verifying the systems, processes and results in which automated technologies are used, whether in compliance with legislation, as a guarantee of the integrity and correctness of the information provided by a system or by alignment with certain standards related to the good use (best practices) of the systems.[11]​.

Tax Audit

It is responsible for the review and verification of tax payments by taxpayers in a country.

It is of utmost importance, since it makes it possible for money to enter the State of a country so that it can fulfill its functions and obligations.

There are two types of tax auditors: those of the State, or public, and those of individuals.[12]​

The basic actions of public auditors are:

The process of a particular audit consists of reviewing the information provided by the company's accountant, identifying the problems and designing a solution to be carried out by the accountant, reviewing the detected failures again and, finally, issuing a tax opinion with the result.

In its most primitive form, the tax audit arises when one society or town dominates "Domain (Law)") over another, imposing the payment of a tribute. The dominant people require that these taxes be paid in a timely manner and designate an organization that is in charge of monitoring this. This is how what we know today as a tax audit arises.

In the Americas, most countries' entry into modern accounting and auditing occurred in the late 1930s, when public accountants from the United States partnered with accountants from Mexico and other Latin American countries to audit transnational corporations. The principles of the American Institute of Certified Public Accountants were adopted and over time they developed their own accounting technique.

In Mexico, the Mexican Institute of Public Accountants was created between 1956 and 1976.[14]​.

Generally, the tax audit involves a nuisance for the taxpayer, regardless of whether they paid their taxes correctly or not, because it takes time and requires a large number of procedures, however, it must be taken into account.

take into account the importance of said activity for any society.

1986 - Mark Stevens, The wars of the auditing companies: how they fight for clients, money and survival, Editorial Planeta, 1986, Spain, ISBN 84-320-7879-4

2004 - Santillana, J., Auditing Fundamentals, first edition, DF, Mexico, THOMSON

2007 - Oswaldo Fonseca Luna, Modern Government Audit, Peru, ISBN 978-9972-2948-0-8.

Public auditing organizations - Courts of Accounts and Comptrollers

The Court of Accounts or Court of Accounts is a type of superior auditing entity, structured as a collegiate body, responsible for supervising and judging the regularity of public accounts and financial management. Its equivalent in many Latin American countries is the Comptroller General of the Republic.

Private audit companies

Towards the end of the century there were eight large companies in the world dedicated to the auditing business, known as the Big eight (in English, the "big eight").[10]​.

The big eight companies merged together until they formed the so-called Big five. Since the disappearance of (Arthur Andersen) in 2002. Of that group, the four survivors are known as the "Big Four (consulting and auditing)": Deloitte, PricewaterhouseCoopers, Ernst & Young and KPMG. Other relevant private auditing companies have joined them:[7]​.

Contenido

Normalmente las normas aplicables para la confección de los estados financieros son las del país donde está registrada la empresa emisora. No obstante, en ciertas ocasiones los estados financieros son confeccionados según las normas NIIF (Normas Internacionales de Información Financiera) (IFRS, por su sigla en inglés). Además, existen normas de auditoría NAGA (Normas de Auditoría Generalmente Aceptadas), que a nivel internacional se corresponden con las Normas Internacionales de Auditoría (ISA, por su sigla en inglés).

Las técnicas de auditoría son los métodos prácticos de investigación y prueba, que el contador público utiliza para comprobar la razonabilidad de la información financiera que permitirá emitir opinión profesional; estas técnicas son las siguientes:.

En forma semejante, el auditor podrá observar la existencia de operaciones extraordinarias mediante la comparación de los saldos de resultados del ejercicio anterior y del actual. Además, sirve de orientación para la aplicación de otras técnicas, por lo que deberá de aplicarse antes que otra.

Esta técnica, se aplica solicitando a la empresa auditada que se dirija a la persona a quien se pide la confirmación, para que conteste por escrito al auditor, dándole la información que se solicita y que puede ser aplicada de diferentes formas:.

esta técnica, se aplica cuando la importancia de los datos o el resultado de las investigaciones realizadas lo ameritan.

Purchase audit or "Due Diligence"

In the case of Mergers and Acquisitions of companies, the purchasing party needs to know in detail the status of the company to be acquired. The basic function of the purchase audit or "due diligence" is to value the assets and debts of the target company, investigating the significant aspects of its past, present and foreseeable future.

Due diligence allows you to evaluate the company in progress, value its assets and liabilities, know its legal aspects such as contracts and statutes, compliance with current legislation, registered trademarks, intangible assets, determine the contingent risks of the business, current and potential lawsuits and determine the existence of hidden liabilities, real or potential. Also evaluate intangible assets such as human capital, knowledge, company culture, leadership capacity, etc. As a result of carrying out the work, a report is prepared with comments and observations that will serve as a basis for negotiating the final agreement on issues such as potential contingent risks, guarantee clauses, etc.

The statement of cash flows. It is a statement that reports on the use of monetary assets representing cash and other equivalent liquid assets, classifying the movements by activities and indicating the variation of said magnitude in the year.

Other types of audit

When the use of new technologies became widespread, the need also arose to carry out audits on information systems. In this sense, it could be said that computer auditing includes the set of activities aimed at validating and verifying the systems, processes and results in which automated technologies are used, whether in compliance with legislation, as a guarantee of the integrity and correctness of the information provided by a system or by alignment with certain standards related to the good use (best practices) of the systems.[11]​.

Tax Audit

It is responsible for the review and verification of tax payments by taxpayers in a country.

It is of utmost importance, since it makes it possible for money to enter the State of a country so that it can fulfill its functions and obligations.

There are two types of tax auditors: those of the State, or public, and those of individuals.[12]​

The basic actions of public auditors are:

The process of a particular audit consists of reviewing the information provided by the company's accountant, identifying the problems and designing a solution to be carried out by the accountant, reviewing the detected failures again and, finally, issuing a tax opinion with the result.

In its most primitive form, the tax audit arises when one society or town dominates "Domain (Law)") over another, imposing the payment of a tribute. The dominant people require that these taxes be paid in a timely manner and designate an organization that is in charge of monitoring this. This is how what we know today as a tax audit arises.

In the Americas, most countries' entry into modern accounting and auditing occurred in the late 1930s, when public accountants from the United States partnered with accountants from Mexico and other Latin American countries to audit transnational corporations. The principles of the American Institute of Certified Public Accountants were adopted and over time they developed their own accounting technique.

In Mexico, the Mexican Institute of Public Accountants was created between 1956 and 1976.[14]​.

Generally, the tax audit involves a nuisance for the taxpayer, regardless of whether they paid their taxes correctly or not, because it takes time and requires a large number of procedures, however, it must be taken into account.

take into account the importance of said activity for any society.

1986 - Mark Stevens, The wars of the auditing companies: how they fight for clients, money and survival, Editorial Planeta, 1986, Spain, ISBN 84-320-7879-4

2004 - Santillana, J., Auditing Fundamentals, first edition, DF, Mexico, THOMSON

2007 - Oswaldo Fonseca Luna, Modern Government Audit, Peru, ISBN 978-9972-2948-0-8.