Auditing is basically a process which involves the evaluation of a business, product, enterprise, taxes, persons, or enterprise. Auditing in its strict sense involves the appraisal of internal and external business factors to determine the finances and viability of a business or enterprise. It is also helpful to ensure that an enterprise abide by the government and system policies. Also, it is through auditing that company officers or head learns of any discrepancy and suspicious transactions that can bring the business under. Auditing covers a vast process. It involves accounting, quality audit, management audit, operations audit, and a lot more. Auditing is performed by an auditor or auditing firm. But note that even auditing professionals can make mistakes in auditing.
