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Procedure of Auditing

30/09/2018

Auditing refers to a systematic and independent examination of accounts, books, documents, and vouchers of an organization to clarify whether financial statements present true or falls. Auditing Procedures attempts to verify that the books of accounts are properly maintained as per the Law. It is the process of reviewing and investigating any aspect of the business, even financial or non-financial. Audits can show the normal flow of business in a company.  As a result of an audit, a company may thoroughly evaluate and improve the finance and the governance process of the overall business. Auditing procedures are for obtaining audit evidence.

Analytical Auditing Procedures

  1. Prior periods
  2. Budgets
  3. Forecasts
  4. Similar industries and so on

Analytical auditing procedures are performed at three stages of an audit, which is at the start, in the middle and at the end of the audit.