Is auditing a luxury

Explain

Accounting is a necessity, while auditing is a luxury for a enterprise

Every businessman maintains accounts but he invariably thinks that auditing is a luxury

Auditing of accounts is a sheer wastage of time and money

Let us have a glance on this thinking

It also involves too many formalities to be complied with

However, Auditing may be a luxury for small businesses but absolutely necessary for big organisations

Some people may be all jittery whenever the audit time is around the corner

But audit can be beneficial for entities of all sizes

Auditing may be luxury from the point of view of an ordinary businessman because of following reasons:- The remuneration paid to the auditor is an unnecessary waste of funds

Too many formalities attached to auditing create difficulties for an average businessman

What is Luxury? framed work by designers, makers and artists using a selection of terms in order to engage with and expand upon current debate

It addressed the production of exceptional objects, which demonstrate an extraordinary investment in time and handmaking

It also involves too many formalities to be complied with

However, Auditing may be a luxury for small businesses but absolutely necessary for big organisations

Some people may be all jittery whenever the audit time is around the corner

But audit can be beneficial for entities of all sizes