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Question
Auditing can be defined as an independent examination of records whether __________ maintained by the entity to express an opinion whether they comply with applicable laws & regulations.
Auditing can be defined as an independent examination of records whether __________ maintained by the entity to express an opinion whether they comply with applicable laws & regulations.
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Solution
The correct option is C Financial or Non-financial
It is the auditors responsibility to verify all the business transactions along with the verification of documentary evidence available. The main object of audit is to detect and prevent the frauds and provide the opinion on financial statements to ensure that it gives true and fair view of the accounts.
To conduct the audit of an organization, auditor has right to access books, accounts, vouchers and ask for all the information and explanation wherever required. Audit report has to be signed by the auditor only by ensuring that applicable laws and regulations are complied by the organization.
It is the auditors responsibility to verify all the business transactions along with the verification of documentary evidence available. The main object of audit is to detect and prevent the frauds and provide the opinion on financial statements to ensure that it gives true and fair view of the accounts.
To conduct the audit of an organization, auditor has right to access books, accounts, vouchers and ask for all the information and explanation wherever required. Audit report has to be signed by the auditor only by ensuring that applicable laws and regulations are complied by the organization.
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