3 Replies
CA Amrita Chattopadhyay
(Audit & Assurance)
(13459 Points)
Replied 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.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 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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