Define the term auditing. Differentiate between Auditing and Investigation. What is continuous audit? Discuss its merits and demerits.

Auditing is a systematic process that involves the examination and verification of financial information to ensure its accuracy and reliability. It plays a crucial role in maintaining the integrity of financial reporting and fostering confidence among stakeholders. The purpose of auditing is to provide an independent and objective assessment of an organization's financial statements, internal controls, and compliance with applicable laws and regulations.

Definition of Auditing:
Auditing can be defined as a systematic examination of financial statements, records, operations, and other elements of an organization to express an opinion on the fairness and reliability of the information presented. It involves the collection and evaluation of evidence to form a conclusion regarding the financial position and performance of an entity.

Differentiation between Auditing and Investigation:
While auditing and investigation share some similarities, they serve different purposes and have distinct characteristics.

1. Purpose:
   - Auditing: The primary purpose of auditing is to express an opinion on the fairness of financial statements. It aims to provide assurance to stakeholders regarding the accuracy and reliability of the information presented.
   - Investigation: Investigation, on the other hand, is typically conducted in response to specific concerns or _______ ________ __________ __________ _____ __________ ______ ______.
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