"An audit is an 'independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.'"
The examination of financial statements by an independent third-party to ensure they are accurate and comply with accounting standards.
Financial Statement Audit: This is an audit of a company's financial statements in order to provide an opinion on their accuracy and completeness.
Internal Audit: This is an independent assessment of a company's internal control systems in order to assess the effectiveness of the company's risk management practices.
External Audit: This is an independent audit of a company's financial statements by an external auditor, in order to provide an opinion on their accuracy and completeness.
Risk Assessment: This is an assessment of the potential risks that may impact a company's operations and financial statements.
Materiality: This refers to the significance of an item or event to a company's financial statements, and is used to determine which items should be disclosed in the financial statements.
Segregation of Duties: This refers to the practice of separating tasks to prevent fraud and error. Examples include separating the tasks of recording transactions and reconciling accounts.
Sampling: This is the technique used by auditors to select a representative sample of transactions or items to test for compliance or accuracy.
Audit Procedures: These are the steps taken by auditors to gather evidence or perform tests in order to assess the accuracy and completeness of financial statements or internal control systems.
Audit Evidence: This refers to the information used by auditors to support their opinion on a company's financial statements, such as documents, records, and other information.
Audit Report: This is the final report issued by the auditor which includes the auditor's opinion on a company's financial statements or internal control systems.
Financial Auditing: Examines the financial statements of an organization to ensure they are free from material misstatements and comply with accounting standards.
Operational Auditing: Evaluates an organization's efficiency and effectiveness by analyzing business processes and controls.
Compliance Auditing: Ensures that an organization is following relevant laws, regulations, and policies.
Internal Auditing: Reviews an organization's internal controls and processes to identify areas for improvement and provide recommendations.
Forensic Auditing: Investigates financial crime and misconduct, such as fraud or embezzlement, and presents findings in a court of law.
Investigative Auditing: Analyzes financial records and transactions to uncover evidence of potential fraud, misappropriation of assets, or other improprieties.
Integrated Auditing: Combines two or more types of audits to provide a comprehensive evaluation of an organization's operations.
Information Technology (IT) Auditing: Examines an organization's IT systems, processes, and controls to ensure they are secure and functioning as intended.
Quality Auditing: Evaluates an organization's products, processes, and services to ensure they meet or exceed established standards.
Environmental Auditing: Assesses an organization's impact on the environment and compliance with environmental regulations.
"Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law."
"Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report."
"Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement."
"Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation."
"As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over the subject matter."
"Auditing has been a safeguard measure since ancient times."
"Academics have started identifying an 'Audit Society'."
"An audit is an 'independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.'"
"Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law."
"Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report."
"Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement."
"Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation."
"As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over the subject matter."
"Auditing has been a safeguard measure since ancient times."
"Academics have started identifying an 'Audit Society'."
"An audit is an 'independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.'"
"Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law."
"Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report."
"Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement."