{"id":41420,"date":"2015-08-13T23:46:45","date_gmt":"2015-08-13T18:16:45","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=41420"},"modified":"2024-04-03T13:23:05","modified_gmt":"2024-04-03T07:53:05","slug":"auditing","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/auditing\/","title":{"rendered":"AUDITING"},"content":{"rendered":"

\"AUDITING\"<\/a><\/p>\n

The word “AUDIT<\/strong>” is derived from a latin word “AUDIRE<\/strong>” which means ‘to hear<\/strong>‘, because in earlier times the auditors were used to hear the reports and checked the organistions personnel.<\/p>\n

 <\/p>\n

Now, The word AUDITING<\/strong> means a systematic and fair examining of the documents, papers or in financial term we say books of a firm so that a proper idea can be taken out about how far the financial statements present are good and depict a clear picture of the organisation in front of the world.<\/p>\n

It also make sure that the financial statements are well maintained by the concern as required by the law. Today, Auditing has become a very widespread process in corporate and public sector. The auditor perceives and recognizes the propositions before him\/her for examination, obtains evidence, evaluates the same and formulates an opinion on the basis of his judgement which is communicated through his audit report.<\/p>\n

In today’s world financial frauds have increased many folds and many entities had tried to cheat people and others to have financial and personal gains. Therefore auditing has become a legal requirement for all the firms who has the power to ruin financial data for excess gains.<\/p>\n

A financial audit helps to gain information about the internal control of a firm and it also ensures reliability of the existing system. Here, a third party named as auditor<\/strong> is appointed to have a look to the books of accounts and give opinion accordingly.<\/p>\n

External Auditor<\/strong>– An independent firm\/individual that takes a look at the financial statements and provide an opinion on whether the books are fine and free from any fraud or error or not.<\/p>\n

Cost Auditor<\/strong>– An n independent firm\/individual appointed subject to cost audit to express an opinion on whether the cost sheets of the firm are free from any misstatements or not.<\/p>\n

We have certain types of  special audits-<\/p>\n

1) Forensic audit- It is also known as forensic accounting, here an accountant who is specialised in this field is used to uncover frauds related to missing money, Misguiding statements etc.<\/p>\n

2) Energy audits- As name sugget it is the analysis related to the energy flow in a building, try to reduce energy input by not affecting the output.<\/p>\n

Click here for government certification in Accounting, Banking & Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The word “AUDIT” is derived from a latin word “AUDIRE” which means ‘to hear‘, because in earlier times the auditors were used to hear the reports and checked the organistions personnel.   Now, The word AUDITING means a systematic and fair examining of the documents, papers or in financial term we say books of a firm…<\/p>\n","protected":false},"author":1353,"featured_media":41484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[5140,3168,5928,2700,1536,5929,2132,2323,5611],"class_list":["post-41420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-external","tag-account","tag-audit","tag-auditing","tag-auditor","tag-books","tag-cost","tag-financial","tag-statements"],"acf":[],"yoast_head":"\nAUDITING - Vskills Blog<\/title>\n<meta name=\"description\" content=\"Auditing helps depict a clear picture of the organisation in front of the world. 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