Learn the definition, principles, advantages, and disadvantages of auditing in accounting. Auditing is the process of checking the financial statements and other accounting information of a business entity by an auditor. 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 ... Auditing is an official inspection and verification of the credibility of financial reports by an independent party. Learn about the different types of audits, materiality, and how Deskera ERP can help streamline the auditing process. The primary purpose of the audit is to confirm the authenticity of books of accounts prepared by an accountant. In this post, we will cover Auditing introduction, definitions, and functions. It is well known saying that “where the function of accountant ends, audit begins to determine the true and fair picture of such accounts.” Auditing
