What do you mean by Audit?
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2 Answers
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An audit is the examination of the financial report of an organisation - as presented in the annual report - by someone independent of that organisation. The purpose of an audit is the expression of an opinion as to whether the financial statements are fairly presented in conformity with appropriate accounting principles. Auditor prepares audit working papers which contains a record of various audit procedure applied which serves as evidence against the charge of negligence. Audit programme enables the auditor to keep a record of useful information specifically for future audit and references.
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Systematic examination and verification of a firm's books of account, transaction records, other relevant documents, and physical inspection of inventory by qualified accountants (called auditors).
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