Auditing book
Fundamental Principles Governing an Audit:
A] Integrity, Independence, and Objectivity: B] Confidentiality: C] Skill and Competence: D] Work Performed by Others: E] Documentation: F] Planning: G] Audit Evidence: H] Accounting Systems and Internal Controls:.How do you explain auditing to a child?
An audit is an examination of the records and reports of an enterprise by accounting specialists other than those responsible for their preparation..
How do you explain auditing?
Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements.
An audit can apply to an entire organization or might be specific to a function, process, or production step..
How does auditing work?
Essentially, the work completed by an accountant is certified by an auditor.
The purpose of conducting an audit is to obtain an independent opinion about a company's financial statements.
This opinion provides insight into whether the company's reports and financial statements are accurate and reliable..
Types of audit
The term audit is derived from the Latin term 'audire,' which means to hear.
In early days an auditor used to lis- ten to the accounts read over by an accountant in order to check them Auditing is as old as accounting.
It was in use in all ancient countries such as Mesopotamia, Greece, Egypt, Rome, U.K. and India..
What are the four types of audits explain each?
The top 4 audit opinion types are unqualified, qualified, adverse, and disclaimer of opinion.
Based on each type of audit assignment's facts and circumstances, the auditor must amend the opinion through professional judgments and justifiable legal opinions..
What do you understand by auditing who is an auditor?
What Is an Auditor? An auditor is a person authorized to review and verify the accuracy of financial records and ensure that companies comply with tax laws..
What is auditing explain 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 is the origin of auditing?
Auditing originates from the Latin term “Audire”, which means “to hear,” - just as in ancient times auditors used to listen to officers and people of authority to confirm the validity of their words..