Auditing is

Question

Auditing is

Quizplus · Accepted Answer

Auditing is the process of examining and verifying an organization's financial and accounting records and assertions, conducted by a certified public accountant (CPA) or other qualified professionals, in order to provide an opinion on their accuracy, reliability, and compliance with generally accepted accounting principles (GAAP) or other applicable standards and regulations. It involves analyzing financial statements, internal controls, and supporting documents to detect errors, fraud, or other irregularities, and issuing an audit report that expresses the auditor's opinion on the financial statements' fairness and adherence to GAAP or other accounting standards. Auditing is critical for stakeholders such as investors, creditors, regulators, and the public to make informed decisions and assess an organization's financial health and performance.

Auditing Is