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On Friday, we discuss the chapter three in accounting which is all about in auditing theory. In chapter 3 we discuss about the Audit, and we find out that audit is something a considerate or heedful check and reviewing a financial statement and other paper work of company, they audit their financial statement especially because sometimes there are some mistakes or what you called misstatement, audit is the way to correct the misstatements of every record or accounting record in company. Especially in those big company like SM, San Miguel Corporation and other big company and also misstatement can also happened not only in big company but also in those small company, especially to the supplier. And we discuss also the internal audit is a vigorous organizations helped them to achieve their objectives. They concerned to evaluate and improving their management efficiently and by these review , they identify how origin and cradle trouble and they provide solution to managed those risk. And audit can also distinguished areas where efficiencies and trouble are made. The internal audit reports provide by the audit committee and they presented it to the CEO and the board of their company, they search for a solution and poised for success and they gives advice on where the areas made those misstatement and they ask for improvement or they gives advice to improved those areas. Internal auditors can work and can served their services in all sectors such as a public and private sectors, and also we discuss the general types of audit, and those are financial statement audit this one is responsible for correct those misstatement in financial statement, the second one is operational audit this one is responsible for reviewing of effectiveness and efficiency of an operation in company , and also we have compliance audits are those organization act is to review a regulatory guidelines and to guide those auditor, an independent accounting evaluate those compliance operation and we have a example of financial statement audit which is the annual audit if ABS-CBN corporation who prepared a financial statement once a year. And those external auditor are reviewed their annual financial statement and also we discuss about fraud, it is happen sometimes in big company some accountant or auditors are tend to misstatement those financial statement to deceive others. That’s why accountant cannot be allowed to make financial statement and audit it . fraud is actually a theft because they stole the personal data of the company and also we discuss the ethical responsibilities when it comes in auditing. First we defined the ethics, it is the behavior of one auditor, they are responsible professionally because they are the one who maintain a professional creditability to allow those professionals to obtaining the trust and respect of public. And as an accountant you need to have this attitude or you need to be ethical because it will help you a lot , it help you in the public to offer your services they can look for your services they can accept what you offered to them and also you gain a lot of client because first of all you have this ethic attitude . and one thing that you always keep in your mind is to have a patience in everything.

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