Auditing meaning: What is Auditing

What is Auditing? Definition and Purpose Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with applicable rules, including accepted accounting standards, regulations, and laws. This critical process serves multiple stakeholders, including investors, lenders, regulatory agencies, and management teams. The primary purpose of auditing is to provide an independent, objective assessment of ... Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements. An audit can apply to an entire organization or might be specific to a function, process, or production step. Auditing is the examination and verification of a company’s financial records to ensure accuracy and compliance with accounting standards. Learn about the three main types of audits (internal, external, and government) and how they differ in purpose and scope. An audit is a type of investigation of a business's finances and reports to identify discrepancies and make improvements. Know more about audits and their types.