Features (or) Characteristics of Auditing

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.