Auditing Case Study Example | Topics and Well Written Essays - 3750 words

Auditing - Case Study Example The authorization of gambling is not an issue for a number of states in the US but the major issue is in the form of developing quality audit programs to measure and analyze the operations of the casinos in a systematic manner (Arens, 2012). A number of states in the US have stated the fact that gambling and especially casinos promote economic development. Nevada’s statute declares that gaming industry is vital for the state development and general welfare of people while New Jersey’s statute states that casinos promotes tourism, resort, and recreational activities leading to the creation of economic value in the long run. There is no doubt that several states in the US have promoted casinos in a legal manner but the obvious question surrounding the operations of casinos is in the form of use of auditing tools in order to assess and analyze the overall success factors associated with it. In order to do so, the major purpose of the discussion is to analyze the usefulness of auditing in the context of analyzing the case study of Sands Hotel and Casino. This will help in understanding the relevance and importance of auditing in making business operations fair and transparent. Auditing refers to a systematic review and examination of books, accounts, journals, documents, and vouchers of organizations to analyze and assess the validity and reliability of financial statements in terms of absolute trueness and fairness. Additionally, auditing is considered as an independent examination of data, statements, records, and performance of organizations. Auditing is a complex process requiring high degree of honesty and understanding of the financial statements. An auditor is required to analyze and assess the evidences along with evaluating the same on the basis of the skilled judgment. Additionally, an auditor needs to offer clear and true verdict of his findings through a systematic report