Features (or) Characteristics of Auditing
· It is a systematic and independent examination of financial information of a concern.
· Its main motive is to detect errors and frauds in the books of accounts and financial statement.
· It is conducted either by independent or body of persons who possess in depth knowledge and extensive practical training.
· It ensures the correctness of Trading, Profit and Loss Account and Balance
· Sheet whether it reflects a true and fair view of the state of affairs of the business.
· It further ensures that the financial state ments follow the accounting standards.