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This article needs additional citations for verification. The examples and perspective in this article may not represent a worldwide view of the subject. An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Any subject matter may be audited. Audits provide third party assurance to various stakeholders that the subject matter is free from material misstatement. As a result of an audit, stakeholders may effectively evaluate and improve the effectiveness of risk management, control, and the governance process over the subject matter.
The word audit is derived from isa paper Latin word «audire» which means «to hear». During the medieval times when manual book-keeping was prevalent, auditors in Britain used to hear the accounts read out for them and checked that the organisation’s personnel were not negligent or fraudulent. Financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system’s internal control.
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Due to constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. Cost accounting is a process for verifying the cost of manufacturing or producing of any article, on the basis of accounts measuring the use of material, labor or other items of cost. In simple words, the term, cost audit means a systematic and accurate verification of the cost accounts and records, and checking for adherence to the cost accounting objectives. In most nations, an audit must adhere to generally accepted standards established by governing bodies.
These standards assure third parties or external users that they can rely upon the auditor’s opinion on the fairness of financial statements or other subjects on which the auditor expresses an opinion. The audit must therefore be precise and accurate, containing no additional misstatements or errors. The purpose of an assessment is to measure something or calculate a value for it. Although the process of producing an assessment may involve an audit by an independent professional, its purpose is to provide a measurement rather than to express an opinion about the fairness of statements or quality of performance.
Statutory auditor is an independent firm engaged by the client subject to the audit to express an opinion on whether the company’s financial statements are free of material misstatements, whether due to fraud or error. Statutory cost auditor is an independent firm engaged by the client subject to the cost audit to express an opinion on whether the company’s cost statements and cost sheet are free of material misstatements, whether due to fraud or error. Government Auditors review the finances and practices of federal agencies. These auditors report their finds to congress, which uses them to create and manage policies and budgets. Government auditors work for the U. Government Accountability Office, and most state governments have similar departments to audit state and municipal agencies.
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