Friday, June 2, 2017

AUDITING (DEFINITION)

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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