Definition
Auditing refers to the verification or examination of the accounting and financial records that are undertaken by any company or business. Auditing helps to determine if the company or the business undertaking is legal according to the law and following accounting principles.
Importance
- Helps in the growth of the business.
- Ensures faster decision making.
- Helps in finding frauds and reduces risk.
- Provides expert knowledge.
- Gives assurance to the investor.
Benefits
- Auditing helps in implementing changes in the business and in detecting improvement opportunities.
- It offers credibility without fraud and anyone at risk.
- Ensures compliance and helps to identify trends.
- It is useful for planning as well as budgeting.
- Auditing is important to monitor a company’s financial health and fraudulent activities.
Eligibility
- Investors trust the auditor to protect their investment interests.
- All the listed and registered companies under MOA are obliged for this service in accordance with the rules and regulations given by the SEBI and government.
- Business owners who want to have a transparent balance sheet of the company.
- High net worth individuals.
- Private corporations, NGOs, Public Companies etc, are eligible to take this service.
