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Auditing and Features of Auditing

 Auditing and Features of Auditing

Auditing and Features of Auditing are mentioned in the below article which will help users to get full information about the same.


Auditing is an independent examination of financial information of any profit making or not,irrespective of its size and legal structure when such an examination is conducted to express an opinion thereon.

Features of Auditing:

a) Audit has to be conducted in a proper way.
b) Auditor should be completely objective and unbiased in his approach.
c) Auditor should not be influenced by the client.
d) Auditor’s opinion while Auditing is on financial statements including profit and loss A/c,Balance sheet and notes to accounts.Also,preparation of financial statements is the responsibility of the management.
e) Auditor’s client can be an entity of any form either properitorship,partnership,trust,company etc.The entity may be profit oriented or a charitable one.

Independent Auditing:

Independence means that the judgement of a person is not subordinate to the wishes of any other person.It requires that he should not do any act under any influence.Thus,he can work in an unbiased manner.The need for auditor independence is provided in standards of Auditing.If an auditor maintains high degree of independence,the creditability of financial statements would be enhanced.Independent Auditing report will be accepted and respected by every individual.

Qualities of an auditor:

An auditor should be honest,sincere and straightforward while performing his professional duties.He must adopt unbiased and impersonal approach.He should not subordinate his judgement to the will of others.He should be free of any interest apparently as well as an in reality.He should be unbiased while Auditing of financial statements is being carried on by him.He should have general knowledge about clients business.He should hav awareness of commercial laws such as the indian contract act,companies act etc.He must keep on updating his knowledge to conduct audit in an efficient manner.During audit, he needs to interact with different officers.Thus he should have good communication skills.



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