Audit Interview Question:

What is an audit process?

Submitted by: Administrator

The word 'Audit' is a derivative of the word 'Audition' which means 'to hear'. In earlier times, the Kings used to hear their accountants narrate the accounts verbally. However, as the complexity of the accounting function grew, need was felt to thoroughly check the accounts for mistakes misclassification and document the findings in a written form so that it can be used by the Management, stakeholders, investors, Government and various other bodies. This process is known as Auditing or Audit.
Submitted by: Administrator

the processes involved in verifying and authenticating, by a third party (auditors) documents used in the preparation of financial statements by the managers of a company and expressing an opinion as to truth and fairness of such document
Submitted by: Shai

Express opinion of of the financial statement
Submitted by: Tissas