Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / sandhya shetty
An audit is an accounting procedure under which the
financial records of a company or individual are closely
inspected to make sure that they are accurate.
There are two primary types of audit: internal audits and
independent(external)audits .
Regardless as to the type of audit, it should be assumed
that an audit will be performed without bias. In the case
of an internal audit, this can be difficult, because an
internal audit is carried out by the accounting staff of
the company concerned. Generally, an internal audit can
only successfully be carried out by a large accounting
department, because auditors cannot audit records to which
they contributed. Internal audits are usually carried out
on a regular basis by large companies to ensure that their
finances are in order, and if the company is publicly
traded, audit reports are available for inspection by
stockholders.
An independent or external audit is carried out by a
neutral third party, such as a professional accounting firm
which specializes in audits.
Regards,
Sandhya shetty
| Is This Answer Correct ? | 4 Yes | 1 No |
Post New Answer View All Answers
What was your most rewarding accomplishment of your career and why
Audit strategy based
May deduct TDS Froma reseller ?
Explain the difference between internal audit and external audit?
what are the main tools of auditing?
Explain the purpose of meeting in audit?
What is the role of internal audit?
Why a company or firm should carry out the audit related work.
what is audit & activities of auditor?
When should a company sack its auditor?
Whether Advance against property to be included in Loans & Advances while referring to section 185 & 186 of Companies Act, 2013?
1.tell me five points of check list of an audit. 2.what do you checking in statutory audit.five main points. 3.what do you checking in internal audit five main points. 4.which five major points checking according to caro.
central exices
What is CARO 2003? What do you mean by management audit?
What techniques used during an audit?
