Auditing is a luxury because it is an expensive process that requires a lot of time and resources.
It is also not always necessary, as some organizations may have simple financial statements that do not require auditing..
Auditing is the systematic and scientific examination of the books of accounts and records of a business so as to enable the auditor to satisfy himself that the Balance Sheet and the Profit and Loss Account are properly drawn up so as to exhibit a true and fair view of the financial state of affairs of the business and .
GENERAL APPLICATION.
Thus far we have considered six auditing techniques: checking, vouching, and analysis, which are used in the examination of internal evidence in the books and records; and counting, observation, and confirmation, which are used to obtain evidence outside the books and records..
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..
Audit involves with the task of the verification of accounting data and with determining the accuracy and reliability of accounting statements and reports.
Thus, it includes investigation process, attestation process, and the reporting process, pertaining to economic actions and events..
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