Auditing Concepts

Auditing is a systematic examination of financial records, processes, or systems to ensure accuracy, compliance with laws, and accountability. Auditors assess whether an organization's financial statements are truthful and reflect its actual situation. They verify transactions, check internal controls, and identify potential risks or fraud. The goal of auditing is to provide stakeholders—like investors, regulators, and management—confidence in the integrity of the information presented. This process helps maintain trust in financial practices and contributes to better decision-making for the organization and its stakeholders.