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what is audit

Yash Sanghvi (23 Points)

29 October 2018

what is audit???

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RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 29 October 2018

Tax audit is an examination/review of accounts of the business /profession from income tax viewpoint such as income, deductions, compliance with income tax law etc.

Simply Said, Check out the "True State" of Accounts...

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raj kamal singh (Auditor) (528 Points)
Replied 31 October 2018

Traditionally,auditing means verification of transactions with books of account.But,scope of audit has been increased from financial to non-financial to fraud,invesigation and forensic audit.

Depending about types of audit,audit has different meanings.

Above tax audit has been defined by raja sir.Other common types of audit are as follow:-

Statutory audit-------to give true and fair view of state of affairs of entity and cash flow

Internal audit---------to give true and fair view of operating effectiveness of entity