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Answer Posted / sitaram sawant
Audit is such an examination of books, accounts and
vouchers a business, as will enable the auditor to satisfy
himself that b/s is properly drawn up, so as to give a true
and fair view of state of affairs of the business and
whether p & L a/c gives a true and fair view of proift or
loss for financial period according to the best of his
information and the explanations given ti him and as shown
by the books.
Whereas auditing is a systematic examinaton of the books
and records of a business or other org., in order to
ascertain or verify and to report upon the facts regarding
its financial operations and the results thereof
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