What is Auditing

1. conduct an official financial inspection of (a company or its accounts)."unlimited companies must also have their accounts audited"synonymes : inspect, examine, survey, look over, go over, go through, scrutinize, probe, vet, investigate, look into, inquire into, check, check into, assess, appraise, evaluate, review, analyse, study, pore over, peruse, sift, dissect, go over with a fine-tooth comb, delve into, dig into, check out, give something a/the once-over, give something a going-over
2. attend (a class) informally, without working for credit."he made use of the knowledge gleaned from economics classes he audited"

What do you mean by auditing?

Definition: 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.

What is auditing and its types?

Auditing is the process of reviewing and confirming your financial reports. Audits verify that you've created accurate and reliable financial reports and that no fraudulent activities are happening within the business. There are three main types of audits: internal, external, and government or IRS audits.

What are 3 types of audits?

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor's opinion which is included in the audit report.

What is the purpose of auditing?

The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date, for example: Are details of what is owned and what the organisation owes properly recorded in the balance sheet?