What Is Auditing? Definition, Types & Importance
Auditing is the process of verifying whether the organisation is following all the quality maintenance measures according to international accounting standards. The audit can be for the entire organisation or could be specific for a particular process. Every organisation needs to go through an audit process at regular intervals. The company's accountants are required to ensure that all the financial books are properly maintained. The accounting students who study accounting concepts often require Accounting Assignment Help to help them complete their academic projects.
Every audit process has the following phases:
- The content of the audit is prepared and planned by the relevant parties
- Post planning, it is necessary to ensure that the whole audit process is executed properly
- All the details of the whole audit process need to be drafted and reported
- Post audit reporting, relevant follow-up actions need to be undertaken
Type of Audits
Audits comprise of systematic collection and analysis of
financial records of an individual and organisation. Based on the criteria of
the audit, it could be classified into the following:
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Process Audit:
This is a type of audit that checks whether the processes are working within the established limits as described. The methods of the organisations are analysed against the accounting standards, and it is checked whether the process is working following these standards. The process audit checks the effectiveness of the work processes of the organisations.
Product Audit:
In a product audit, the product or service of the organisation is examined. It is checked whether they conform to minimum quality standards. Depending on the product or service, quality checks are conducted, and the quality reports are to be maintained by the organisations in the financial books.
System Audit:
The audit conducted on the management system is called a system audit. It is used to collect and verify whether all the organisation's management systems work and function properly. A system audit is verified whether the management system works according to the company policies. Depending on the industry, it is checked if they function according to the international quality standards.
To aspire to become a certified auditor, accounting students
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Also Read: Guide To Understand Accounting
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