[vc_row][vc_column][vc_column_text]Auditing is the process of studying the records so as to describe the information about the system in a clear and understandable manner. Auditing is an independent examination and reviewing of records and activities.  Auditing is a serious discipline as an auditor must be the most experienced, professional, knowledge, qualified person in a discipline. It is legally necessary for business.  The Basic objective of auditing is to prove correct and impartiality of results represent by earnings and fall account and financial position presented by a balance sheet.

Types of Auditing: –

1. Internal Auditing: – It is an independent approach that is designed to improve the organization operations and accomplish bringing a systematic approach to check and to improve the effectiveness of risk management and it depends on management and its function‘s objective that vary according to the management requirement.
2. External Auditing: – the External Auditing focuses on the interest of third party stakeholder while internal auditor serves as an independent appraisal function within the organization. It is transported by a person independent of the company being audited.
3. Information security: -. The need of this comes from the increase the level of computerization of manual function and for the rapid development of technology and the auditors realized that computer had affected their ability to perform the attest function.

Objectives of Auditing:-

1. Primary objective: –

• To check arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
• To check the proper distinction between capital and revenue nature of transactions.
• To examine the system of internal check.
• To confirm the value of assets and liabilities and existence.
• To verify whether all the statutory requirements are fulfilled or not.
• To check the proper revenue nature of deals and distinction of capital.

2. Subsidiary objective: –

• Detection and prevention of frauds:
• To offer information to income tax authority and to have moral effect as well as to fulfill the provision of company act.
• Detection and Prevention of Errors

Over and under -valuation of stocks.[/vc_column_text][/vc_column][/vc_row]