Question

Define auditing? Explain its objectives.

Answer 1

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AUDITING:

➡Auditing is a detailed examination of the financial reports of an organization. It is used to provide confidence for all stakeholders that the organization's accounting reports are accurate. ... Finally, the work culminates in an audit report where the findings are communicated to the users.

OBJECTIVE:

➡The objective of an audit is to express an opinion on financial statements. To give the opinion about the financial statements, the auditor examines the financial statements to satisfy himself about the truth and fairness of the financial position and operating results of the enterprise.

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