Audit is the method of financial assessment and analysis used by individuals and organisations alike to help them maintain financial discipline and safeguard themselves from financial issues. Auditing is the process of carrying out the examination appropriately and thoroughly. The assessment and the ascertaining of strategic goals and processes is what the process of auditing is all about. It also helps the receiving party determine whether they stay within and conform to the regulations and guidelines of the firm or organisation. It is often defined as the 'on-site verification activity'. There are several classifications of the different types of audits and the auditing processes carried out for each. Some of them are even known to have certain administrative features. Intrigued enough? Wait no more!

Aparika Sharma

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