INTRODUCTION
An audit is an independent examination
by a statutory appointed person called the auditor to investigate an
organization, it’s records and the financial statements prepared from them, and
thus form an opinion on the accuracy and correctness of the financial
statements. The primary aim of an audit is to enable the auditor to say “these
accounts show a true and
fair view or of course, to say that they do not.
That an auditor has the responsibility for
the preventing,
detecting and reporting of fraud, other illegal acts and errors is one of the
most controversial issues in auditing, and has been one of the most frequently debated areas
amongst auditors, politicians,
media regulators and the public.
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