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| *The Commerce Journal>>>Other Taxes |
What is Auditing? |
What is Auditing? The most general definition of an audit is an evaluation of a person, organization, system, process, project or product. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control. Auditing is therefore a part of some quality control certifications such as ISO 9001. An audit is based on random sampling and is not an assurance that audit statements are free from error. However the goal is to minimize any error, hence making information valid and reliable. Traditionally audits were mainly associated with gaining information about financial systems and the financial records of a company or a business (see financial audit). However recently auditing has begun to include other information about the system, such as information about environmental performance. As a result there are now professions that conduct environmental audits. In financial accounting, an audit is an independent assessment of the fairness by which a company's financial statements are presented by its management. It is performed by competent, independent and objective person or persons, known as auditors or accountants, who then issue a report on the results of the audit. Such systems must adhere to generally accepted standards set by governing bodies that regulate businesses. It simply provides assurance for third parties or external users that such statements present 'fairly' a company's financial condition and results of operations Source(s): http://en.wikipedia.org/wiki/auditing... To make an official examination of the accounts of a business. Audits are performed to ascertain the validity and reliability of information and main function of auditors is to prevent fraud in the company by checking the accounts .Companies listed in the stock exchange are required by law to audit their accounts once in a year. |
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