AUDITING (DEFINITION)
The
word auditor means to bear. The owner bears the true financial position of
their business.
The
latest definition contain in the Auditing Standard and guides of the
Combined Councils of Accounting Bodies as thus:
Auditing
is an independent examination of and the expression of opinion on the financial
statement of an organization by duly appointed person (auditor) in accordance
with his term of appointment and in compliance with the relevant statutory
regulations.
Auditor
is an individual or firm carrying out the audit of the enterprise and the
partners of such individual or in such firm where appropriate the term includes
audit staff acting within delegated authority.
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