What is auditing?

Accounting Dec 18, 2020

What is auditing?

Expert Solution

Auditing is the systematic examination of a company's financial statements. The purpose of auditing is to assess and evaluate the records to determine if they are a true and accurate representation of the company's transactions.

Auditing can be either internal or external. Internal auditing is performed by the company's employees, while external auditing is when the audit is performed by any person or entity outside of the company.

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