What is auditing and its objectives and advantages

Auditing is the process of inspecting and scrutinizing the books of accounts of an entity to authenticate its accuracy and reliability. Such a process is essential to the company, the investors, creditors, and shareholders. Auditing is very advantageous as it offers assurance to all the stakeholders.

What is audit and its objectives?

The objective of an audit is to form an independent opinion on the financial statements of the audited entity. The opinion includes whether the financial statements show a true and fair view, and have been properly prepared in accordance with accounting standards.

What are the five objectives of auditing?

Auditors focus on the accuracy of recorded transactions and avoiding fraud by double checking the accuracy of transaction records. One of the major disadvantages of auditing is that it is impossible to check all transactions. When auditing becomes too burdensome, companies will often neglect it.

What is auditing and its advantages and disadvantages?

One of the biggest advantages of audit that it offers assurances to the owners, investors, shareholders etc. The owners of the business will be assured about the accuracy of their books of accounts. Moreover, audit helps in the detection and prevention of errors and frauds, as it creates a fear to be discovered.

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