What is audting

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1 Points Posted on 25 August 2020
what is audting
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On 25 August 2020 at 21:36 Report
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Auditing is the independent inspection and review of a firm's financial records, processes, and activities. Traditionally focused on transaction accuracy, its scope now includes ensuring compliance with regulations. This examination helps ascertain the accuracy of an organisation's financial statements and ensures all departments adhere to documented systems for recording transactions.

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2 Points Posted on 26 August 2020
Is processing of determine all transactions of firms
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On 26 August 2020 at 00:02
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Audit & Assurance
13864 Points Posted on 31 August 2020
Do you mean auditing? It is the process of inspection and review of books of accounts / process/ activity objectively by an Independent person. Traditionally it was done to ensure the accuracy of transaction. However, presently the scope of auditing has increased and it can be done to also ensure compliance.
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On 31 August 2020 at 10:34
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BUSINESS DEVELOPMENT MANAGER
1697 Points Posted on 01 September 2020

Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation.

  • There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.
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On 01 September 2020 at 12:29

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