What is auditing? Explain with the help of an example

Question

31 Aug 2022

Answer :

Word Count : 665

What is Auditing:--

Auditing typically refers to financial statement audits or an objective examination and evaluation of a company’s financial statements – usually performed by an external third party. Audits can be performed by internal parties and a government entity, such as the Internal Revenue Service (IRS).

Importance of Auditing:---

Audit is an important term used in accounting that describes the examination and verification of a company’s financial records. It is to ensure that financial information is represented fairly and accurately.

Also, audits are performed to ensure that financial statements are prepared in accordance with the relevant accounting standards. The three primary financial statements are:

Income statement

Balance sheet

Cash flow statement

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