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Chapter: 11th Auditing : Chapter 1 : Introduction to Audit

Features (or) Characteristics of Auditing

It is a systematic and independent examination of financial information of a concern.

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.

 

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11th Auditing : Chapter 1 : Introduction to Audit : Features (or) Characteristics of Auditing |


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