Auditing Essentials: Principles, Scope, and Digital Practices
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Meaning and Objectives of Auditing
Meaning of Auditing: Auditing is the systematic examination and verification of an organization's financial statements, records, and operations. It involves evaluating the accuracy and reliability of financial information and ensuring that it complies with established accounting standards and regulations. The audit process is conducted by independent and qualified auditors who provide an unbiased opinion on the financial statements.
Objectives of Auditing
- Accuracy and Fairness:
- Objective: To ensure that the financial statements present a true and fair view of the organization's financial position and performance.
- Purpose: This helps stakeholders, including investors, creditors, and regulators, make informed decisions