Question

Using the book or the internet as a resource, describe the purpose of an audit. discuss the steps involved with an audit. give an example of missing a step and what that means for the validity of the audit. are there unimportant steps that could be left out? if so, who decides their inclusion and validity

Answer 1

Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation

steps:

1. planning an audit

2. performing an audit

3. concluding and reporting on an audit