Talent solution: Auditors speak better and communicate louder and effective

Auditors are partners in the positive financial performance of any industry focusing on growth and posting professional assertions on organizational conduct. Why would this be so?  While others   question ‘Is the auditor crazy for issuing timely and prudent assertive reports on firm performance and of  what use  and why the auditing and the auditor; or who is not advising entities to grow profitably   or is the work in progress for sleek recession on firm growth looming economically?

Auditing is the epicenter affecting every industry across the globe in terms of oversight advisory and professional assertions or assurance activities to empower the investors’ decisions.

In the midst of firms revealing profits is not as smooth as one would drink water to quench thirst. Normally to me, the actual profits are disclosed in the cash flow statements which very few players at management boards would understand or most of them only understand the losses and profits. They mostly don’t understand the balance sheet per se. In all corners business is a shriek.  As it is published in the US, imagine, Farmers in this case have committed organic fraud (CBSN news).  Yet in Uganda tomato farmers are yearning for markets to sale their organic tomatoes, what is this!  Yes, economic disparity has become a global stint in every business notwithstanding small business entities in LDCs. Similarly, Stocks fear recession (FTSE 100 facts) as financial markets limp. Elsewhere, GE faces allegations of accounting fraud were feared bigger than Enron whereby GE is engaged in a $38 billion fraud! Similarly, Investors are blocked from offloading their finances (Sky news) but big businesses are not paying for their supplies (money web) which are a sign of firms’ economic disaster.  The audit expert could be a solution to this by playing better the professional auditors role. Here we realize there is a gap to be filled by the auditor.

This scenario is walloping and scaring.  Implying that the complex asymmetries deposit powerful messages which demand the obvious and that is the services of an expert auditor who relentlessly will perform according to his professional talent and skill to deliver out the quagmire existing in economies and firms.

Other fears are that there are social security mistakes that can wreck pensioners and retirement, yet treasury bonds are dumped or crumpled for financial failures in NGOs such as Home Care Houses delving an oversight corner ensuring that $20billions in mortgages is fraudulent (New York Times).

I must say that technology use in firm management could be a solution. But is the auditor irrelevant here? I don’t think so.  Top and operational management need Technology of excellent international form (Business Live) to be applied in this case though the expert auditor is paramount to provide the auditing services needed by the world business community and governments. Therefore, it points to retail indulgence checks on firms whereby health finance clout to spiral growth needs an expert auditor.

 

                                                                                                                                                                                            State owned enterprises demanding more bailouts (Fin24) and governments are constrained by budgets for instance ESKOM, SAA and SBSC are live examples being bailed out.   But development banks can care at hand but these Banks fear that customers are retracting and not paying their debts. Are there professions with professionals that can take charge apart from public auditors? If yes, it could be universities but they are mostly academic and their researches are not consulted and accommodated in national policy plans except where it his specifically financed by government in national interests if not it abhors taking on consultants.

In the foregoing, Banks have posted losses and management in organisations have minded less to use up-to-date and powerful technology for them to focus on strategy journey of pooling up sales  such as the  online  marketing realizing $700,000 without buying any stock (Market Watch). Is the auditor ready to take on this mantle of assignment if not properly qualified and ready to audit? What gap do we find here? It is the services of a modern public auditor lacking.

 Yet banking, government and infrastructure are targeted candidates for abuse by cyber insecurity or CY-criminals since 2018- 2030(CISCO). How? A lot of data may be prey to cyber criminals as it is in banks are not prudent in debt collections due to biting economies under recession or poor management. So the role the expert auditor can play here are raises enormous questions and answers to fill not enough on this page.

Eventually, there are forests of Crypto-currencies sending shocks to traditional international currencies stinging all stronger hopes on stock markets.  Though this is hypothetical money, Investors are not even sure which areas are prime to invest in. Moreover, Investing is a strategy designed to mark impact on investments. For instance, an impact on environment, social and governance (ESG) when investing refers to forces or challenges affecting any business at that moment in time (Forbes). Hitherto recession around the corner in major economies hinges on Leman Brothers as precedents not forgetting Madoff Scandal. Or recession is eminent and could start any time (the guardian) in any economy. Yet insurance scams and many more are growing to delude economic bonus. What will be the role of auditors of all grades? In the least, public and private entities of all levels let it be in third world or not, governments and environments all alike cannot risk doing without auditing for our skills are needed most everywhere. And human interaction for either appreciating the work of an auditor or listening to audit ugly discoveries and interpretations according to auditing and accounting standards will ensue to benefit all stakeholders but expose dirty monetary players in public offices.

For any short comings, seek the services of an expert auditor who won’t let you down in perfection!

Have plenty of professionalism at your finger tips as an auditor and clients will find you!   

To all Audit fraternity and accountants and top executives, you are blessed!

 

Richard Bernard Gudoi Gid’Agui, PPA, CIA, CFE, CFSA, CGFM
President
at Professional Auditors Institute-PAI.
e-mail: richardgudoi@painst.comgudgid20082@gmail.com;
Tel: +256783165544.

 

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