Auditing meaning: Definition

Definition: Auditing is the procedure in which a qualified individual examines the books of accounts and assemble the evidence to form an assessment and convey their point of view to the responsible person or the management by submitting the audit report at the end of the financial year. Auditing is the examination and verification of a company’s financial records to ensure accuracy and compliance with accounting standards. Learn about the three main types of audits (internal, external, and government) and how they differ in purpose and scope. Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements. An audit can apply to an entire organization or might be specific to a function, process, or production step. Some typical stages in the audit process An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." [1] Auditing also attempts to ensure that the books of accounts are properly maintained by such entities as required by law. Auditors consider the propositions before them, obtain evidence, roll forward prior year working ...