yasaswi gomes (My grammar is 💯 good I) (7290 Points)
12 August 2020Hi,
Can someone please explain what is auditing?
Difference between auditing, financial management and financial reporting?
What analysis is used in Auditing?
If financial & cost management, taxation, IndAS is coherent with company policies, what else will auditing do?
txs
CA Amrita Chattopadhyay
(Audit & Assurance)
(13459 Points)
Replied 13 August 2020
Auditing is the process of examination of books of accounts to ensure that financial statements are true and fair. The objective of audit functions changes from the kind of audit that you want to examine the books of accounts. Financial management and reporting on the other hand deals with the function of reporting and managing the finance of the organisation.
There can be various audit analysis depending on the kind of audit that you are looking at. The data analysis of statutory audit can be different from internal audit, management audit or forensic or tax audit. Most likely the analysis includes reconciliation, confirmation, data authenticity etc.
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