SIMPLE DEFINITION OF AUDIT

Prabeer (B. COM (H) CA & CS Final)   (5484 Points)

18 December 2008  

SIMPLE DEFINITION OF AUDIT: An independent audit of an entity's financial information is a vital service to shareholders, creditors, government, lenders and other stakeholders. The result of an audit is the opinion of the auditor about the truth and fairness of the financial information audited. The auditor communicates his opinion through the audit report.