NTA-NET (UGC-NET) Commerce (08) Financial and Management Accounting-Audit of Financial Statements and Audit Report Study Material (Page 1 of 2)
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Introduction to Auditing
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Origin
- The term βauditβ has been derived from the Latin word βaudireβ which means βto hearβ . Hence, an auditor is a person who listens. For centuries, audits were oral hearing in which people entrusted with fiscal responsibilities justified with their stewardship. Now audit is one of the assurance services provided by competent and qualified professional accountants.
- Audit is a generic word; it means to examine something thoroughly.
Definition of Audit
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Objectives of Audit: Primary and Secondary Objective, Difference between Accounting and Auditing
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Primary Objective
- Examining the system of Internal Control.
- Checking Arithmetical Accuracy of books of accounts, verifying posting, balancing, etc.
- It is conducted to express an opinion on financial statements. Basically, we can say reporting.
- Examining whether financial statements comply with the policies and rules according to the standards.
- Proving True and Fair position of accounts by disclosing all the relevant facts.
Secondary Objective
- Auditor has to detect the Misstatements in order to provide proper and true view on financial statements. He cannot frame data according to him as management commits frauds in order to save themselves from the tax bracket or to maintain their positions in the market thβ¦
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