Namaskaram,
The audit process is how auditors check a company’s financial records to ensure they are accurate and follow accounting rules. It involves several steps to find any errors, fraud, or problems with the financial statements.
Key Steps in the Audit Process:
Planning:
The auditor gets to know the company and its financial practices. They decide what areas to focus on and plan the audit.
Reviewing Internal Controls:
Auditors check the company’s systems to make sure they help keep financial records accurate and prevent mistakes or fraud.
Collecting Evidence:
Auditors gather proof by checking documents, confirming balances with others, and testing financial transactions.
Testing Transactions:
The auditor checks a sample of transactions (like invoices or payments) to make sure everything is correctly recorded.
Analyzing the Results:
Auditors review the evidence to find any mistakes or issues in the financial records and assess whether the statements are accurate.
Reporting:
After the audit, the auditor writes a report giving their opinion on whether the financial statements are correct and follow the rules.
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