An audit is an objective examination and evaluation of the financial statements of an organization to make sure that the records are a fair and accurate representation of the transactions they claim to represent. It can be done internally by employees of the organization, or externally by an outside firm.
Types of Audits - Financial, Operational, Compliance, Information Systems, Integrated Audits
Objectives of Auditing - The basic objective with which auditing is done are- Verification of accounts and statements, Detection of errors or frauds, Prevention of errors or frauds.
Advantages of Auditing - It detects errors and frauds with suggestions for their prevention, To avoid such mistakes being committed the accounts are kept up-to-date, The parties feel confident of the audit report because it was done by an independent person or body, Accounts as audited stand authentic, The auditors are competent persons in the fields of accounts and financial laws so can render advice to management, In case of joint stock companies the director has no chance of taking undue advantages, Auditing accounts facilitates settlement among partners.
Classification of Auditing - Auditing is classified into two - Continuous or detailed, Periodical or final audits.
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