Question

Define auditing and explain the functions of auditing​

Answer 1

Answer:

conduct an official financial inspection of (a company or its accounts).

functions:

determine compliance with policies and procedures.

assess the quality of internal controls.

evaluate the quality of risk management.

evaluate compliance with rules and guidelines established by regulatory agencies (e.g., Securities and Exchange Commission)

Answer 2

Auditing is process of evaluating and assessing the financial position, operational performance and the various processes of an organization. It help in determining the compliance and the conformity of the organisation to the required objective and principles

Explanation:

• Auditing helps in checking the  financial condition of the entity along with accuracy of the books of accounts along with ascertaining of financial, operational, strategic objectives and processes of the organization.
• Auditing helps in keeping a proper control over all the activities of an organization and to determine whether they are in compliance with the regulatory requirements along with verifying the authenticity and validity of transactions
• The process of auditing helps the management to check for error or frauds through the authenticity of the financial records. It helps them in  getting  loans from banks and other financial institutions.

To know more about auditing

What is difference between cost audit management audit and tax audit?

https://brainly.in/question/3681996