What is Auditing?
The process of on-site verification like assessment or examination of procedure or quality framework by the respective authority for that particular industry is called auditing.It is carried out both internally and externally by the organisation.
Who do auditing and What do they look for?
Auditing can be done by independant accounting and auditing professionals,regulatory bodies from that specific industry or by the IT professionals.When carrying out compliance audit procedures, audit professionals specifically look for these:
Benefits of audits
1)Reduce the possibility of fraud and help protecting assets.
2)Improve operations efficieny.
3)Increase financial reliability and integrity.
4)Ensures compliance of law and regulations.