What kind of assessments do managers arrange in the auditing stage?

In the auditing stage, managers arrange both internal and external assessments to ensure a comprehensive evaluation of the organization's operations and financial reporting. This holistic approach allows for a thorough understanding of the effectiveness and efficiency of processes, compliance with regulations, and the accuracy of financial statements.

Internal assessments are conducted by the organization’s own team and focus on identifying areas of improvement, risk management, and operational efficiency. They help in recognizing potential weaknesses and informing strategic decisions for better governance.

External assessments, on the other hand, are performed by independent external auditors or evaluators. These assessments offer an objective view and can validate the findings of internal audits, ensuring that the financial statements present a true and fair view of the organization’s financial position.

Together, internal and external assessments create a robust auditing process that enhances accountability, fosters trust among stakeholders, and improves overall financial and operational management.