Advantages of Cost Audit to the Shareholders – 1. The biggest advantage of internal audit is that it will lead to discovery of errors and therefore when external audit is done those errors which were discovered during internal audit would have been rectified by then. Given below are some of the advantages and disadvantages of internal audit – Advantages of Internal Audits. 1. One advantage of shareholders agreements is that they are completely flexible and can be tailored to meet the objectives and concerns of any party. Now-a-days, owner of business and its management are separate. Cost audit ensures that proper records are maintained as to purchases, utilization of materials and expenses … Shareholders are the direct beneficiary of companies and they will get more bonuses if the companies operate successfully. An audit can uncover inaccuracies and discrepancies within an organisation’s records, which may be indications of weak financial organisation or even internal fraud, although fraud detection is not the main purpose of an audit. A shareholders agreement can be drafted significantly in favour of the majority shareholders depending on relationship between the parties. Majority Shareholders. This is especially the case for minority shareholders who have little say in the management of their company. The various users can therefore place reliance on them. III PREFACE The objective of this book is to present and discuss the frameworks that affect the demand for audit services. A Theoretical Examination of the Role of Auditing and the Relevance of Audit Reports VAASAN YLIOPISTON JULKAISUJA _____ OPETUSJULKAISUJA 61 BUSINESS ADMINISTRATION 28 ACCOUNTING AND FINANCE VAASA 2010 . So, to detect and prevent frauds, auditing has become essential. A shareholder rights plan might then stipulate that existing common shareholders have the opportunity to buy shares at a discount to the current market price (usually a 10% to 20% discount). This mainly performed or … Knowledge of the theories … Audit is nothing but an independent and systematic examination of statutory records, books of accounts, documents and vouchers of an organization. Its advantages are as follows: 1. 4.1 The importance of audit independence for the shareholders. Advantages Of Audit Auditing has become a compulsory task in the business organization. Consequently, shareholders have high demand for audit independence.
An audit protects the interests of the shareholders who are separated from the management of the company. An audit being an independent examination of the financial statements gives credibility to the financial statements. All the organizations like business, social, industries and trading organizations make audit of books of accounts.
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