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Define Auditing

The process of independent examination root by the root of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements, as well as non-financial disclosures, present a true and fair view of the concern Auditing is an assesment of a company’s financial practices, including account procedures, filing, regulatory compliance and all documentation. Audits can be performed within the company by its employees (internal audit) or by an outside firm (external audit), to ensure financial accuracy and transparency. The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date.

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