Dr. V. Krishnakumar, M.com., M.Phil., Ph.D.,

Transcript:Dr. V. Krishnakumar, M.com., M.Phil., Ph.D.,:
Dr. V. Krishnakumar, M.com., M.Phil., Ph.D., Assistant Professor, PG & Research Department of Commerce, Cardamom Planters’ Association College, Bodinayakanur. Introduction to Auditing Definition: Auditing is the process of examining financial records, statements, and operations of an organization to ensure accuracy, compliance, and reliability. Purpose: The main purpose of auditing is to provide an independent assessment of a company’s financial health and to ensure that financial statements are free from material misstatements. Types of Audits Audit Process Audit Evidence Definition: Audit evidence refers to the information collected during an audit to support the auditor’s opinion on the financial statements. Types of Evidence: 1. Physical Evidence: Documents, invoices, contracts, receipts. 2. Testimonial Evidence: Interviews, management assertions. 3. Documentary Evidence: Bank statements, financial records, tax returns. Reliability of Evidence: The evidence must be reliable, relevant, and sufficient to form an opinion on the financial statements. Auditor’s Report