Auditing

to inspect

Conduct an official financial inspection of a company or it’s accounts.

to evaluate

Refers to objective examination or evaluation of a company’s financial statements usually performed by a third party a.k.a an auditor.

to ascertain

It is to ascertain that the financial statements are true and contain a fair view of the company’s financial position.

reasons

1. Verification

2. Prevention and detection of errors

3. Enforce accountability

4. Adherence to taxes and financial regulations

5. Building confidence among stakeholders

auditor

An auditor is an independent professional who examines and verifies the accuracy of a company’s financial records.

qualities

1. Integrity

2. Unbiased and impartial to decisions

3. Knowledgeable: Must have indepth knowledge of auditing.

4. Confidentiality: Must maintain confidentiality of records.

5. Attention to detail to see errors.

6. Analytical skills to analyze complex financial data.

Integrity

Unbiased and impartial to decisions

Knowledgeable

Must have indepth knowledge of auditing.

Confidentiality

Must maintain confidentiality of records.

Analytical skills to analyze complex financial data.

Attention to detail to see errors.

responsibilities:

1. Examine financial records and statements to ensure they are accurate and meet IAS.

2. Detect errors and frauds.

3. Verify completeness to the records.

4. Keep company information secret and private.

5. Prepare and audited report. Give unbiased, independent information of the financial records.

firms

A. F. Ferguson and Co.

Yousuf Adil Chartered Accountants
Riaz Ahmed and Co.

KPMG
RSM

government

is audited by Auditor-General