Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation.
An external audit is an examination that is conducted by an independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity. This certification is required by certain investors and lenders, and for all publicly-held businesses.
External auditors provide important and valuable insight into the information that exists within an organisation. Their findings and audit processes give businesses the confidence and reassurance that their information and the way they conduct business.
How long does it take to complete an audit? The time to start and complete an audit will vary with the size of the company and the quality of its internal bookkeeping, accounting and record keeping. In general if a company's records are in good order, the audit process should take anywhere from three to six weeks.
1st April to 31st March of next year is the financial year in India.
Yes. Every company has to maintain it's books of accounts. It has to presereve it's financial for 8 years.
It depends on the number of transactions of the business.
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