Excerpt from How to Audit, 1919: A Manual of Instruction
These instructions on how to perform an audit were originally written as a guide for the staff-members of a well-known New York firm of auditors and public accountants. They are based on the form for financial examinations recommended by the Federal Reserve Bank, and on the methods of auditing found desirable by this firm in its many years of experience.
The book takes for granted a knowledge of accounting and hence as its name implies, attempts only to give specific instructions to the accountant who has to verify the books of a concern and prepare its statement of condition and statement of operations.
The subject falls into four natural sections which the book follows. First is a section covering general rules of conduct for the auditor to follow, both to safeguard his client's interests and to establish the client's confidence in the auditor's ability.
The second section is devoted to instructions covering the conduct of an audit in any manufacturing or merchandising concern.
Section 3 details specific points to be looked for in auditing the books of a business having unusual conditions peculiar to that business, which the general instructions in Section 2 do not cover.
In Section 4 are suggested paragraphs for use in writing the comments of a report. The mere presentation of a financial statement is seldom enough. The auditor who is of most service to his client must make comments upon the statement and the examination, which will not only indicate the scope of the investigation, but will point out changes in accounting or even in the management of the business which the examination shows to be desirable.
The paragraphs shown cover the points which most often require comment in a report. They have been carefully edited to make sure that they say accurately and clearly what needs to be said, and that they are free from the jargon which the unskilled writer in any profession is likely to fall into. As they stand, they are in use by the staff auditors of a firm of the highest standing. Full instructions for using them are given.
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