Chapter 11.5, Problem 1SGDQ

Explanation of Solution

Audit:

Audit is nothing but an action taken to examine the content of books, accounts, statutory records, documents and vouchers of an organization to make sure whether the financial and non-financial disclosures are true and fair.

• Audits are even conducted virtually in every industry.
• The most common implementation of audits is accounting audits where the accounting auditors work to make sure the accuracy of the company’s financial records...