Question

Which of the following is not a part of the process of auditing

(a) Preparation of Balance sheet & Profit & Loss A/c

(b) Preparation of Audit Report

(c) Asking for evidence supporting various entries in the accounts,

(d) All of the above​

Answer 1

Answer:

I think it's C what do you think mate

Answer 2

Answer:

Frankly among the given options, option (a) "Preparation of Balance sheet & Profit & Loss A/c" is not a part of the process of auditing.

Explanation:

Auditing is a systematic examination of financial records, statements, and documents to provide an independent opinion on the true and fair view of the financial position and performance of an organization. The process of auditing includes various steps such as planning, obtaining evidence, evaluating evidence, preparing audit report, and communicating findings.

The preparation of Balance sheet & Profit & Loss A/c is a part of the accounting process and not a part of the auditing process.

During the planning stage of the auditing process, the auditor identifies the areas of the financial statements that require examination and sets the scope of the audit. The auditor then obtains evidence to support various entries in the accounts by performing procedures such as inspection, observation, inquiry, and confirmation. The evaluation of evidence involves assessing the reliability and sufficiency of the evidence obtained to form an opinion on the financial statements. Finally the auditor prepares an audit report that includes an opinion on whether the financial statements are presented fairly in all material respects in accordance with the applicable financial reporting framework. The audit report also communicates any significant findings or issues identified during the audit.

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