AUDITING AND ITS RECENT TRENDS
AUDITING
Auditing is a systematic examination of the books of accounts and records of a business in order to ascertain or verify and to prepare a report based on the facts regarding the business operation and the result thereof. It is done to ascertain the accuracy and reliability of financial statements.
Objectives of Auditing
1. The main objective of the auditing is to check reliability of financial position and profit and loss statements.
2. It aims to reveal a true and fair view of the business and its transactions.
3. It aims at detecting and preventing frauds. Fraud may involve:
(a) Manipulation or alteration of records or documents
(b) Misappropriation of assets.
(c) Recording of transactions without any ...
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