Audit methodology

Audit methodology refers to the structured process used by auditors to evaluate an organization’s financial statements, internal controls, and compliance with regulations. It involves planning the audit, gathering and analyzing data, testing internal processes, and forming conclusions on the accuracy of financial reports. Auditors use various techniques, such as sampling and inquiries, to ensure reliability. The aim is to provide a fair assessment and to identify any potential issues or risks. Ultimately, this methodology helps ensure transparency and trustworthiness in financial reporting, benefiting stakeholders and the public.