The firm’s approach has been very successful because of our ability to comprehend our clients’ organization paradigm including risk assessment, control issues, and diagnostic. The benefits to our auditing approach would help the management team efficiency identify areas within the organization’s that needs to be address. This process could improve the company’s efficiency identifying that controls are in place. Overall this gives the management team a better understanding of the organization working including their financial systems.
The role of Phoenix & Company is to obtaining sufficient audit evaluation and evidence in order to test the organizational controls. At this time I would like to define auditing and give some benefits of an audit. “Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria” (Arens, Elder & Beasley, 2006). The benefits to auditing are the ability for a company to improve the understanding of the financial records from the management and users stand points.
Another benefit is the ability to identify areas within the organization that needs improvement. A company could reinforce, risk assessments, and improve internal controls. In conclusion the firm of Phoenix & Company is an excellent resource to provide Apollo Shores with effective analysis, and relevant information to meet the needs of your organization. The approach is to improve the organization safeguards in order to protect the financial operations of the company.