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Introduction of auditing:

Auditing as it exists today can be related with the emerging a combined stock company for the period of the industrial revolution. The company's act of 1956 gives policy regarding the auditing work.

Definition of auditing:

Define the auditing as being anxious with confirmation of accounting information with formative the correctness and dependability of information and accounting statements. The global auditing practices commission defines auditing as self-reliant examination of financial in series of any organism whether income oriented and not plus irrespective of official form while such an inspection is conducted by the outlook to convey a observation thereon.

Defines the auditing as being concerned by the verification of accounting data with formative the reliability and accuracy of reports and accounting statements. Auditing is an examination of financial statements through an autonomous certified public accountant to the equality by which the financial statements are organized.

Scope of auditing:

Scope of auditing means the auditing procedures deemed obligatory to achieve the objective of an auditing. The scope of auditing is decreasing with the improve in the complexities of the industry. It is said that the long range of objectives an auditing should be to serve as a direct to the management future decisions. Today the majority of the economic activities are largely conducted through to the public finance.

The scope of auditing encompasses verification of the accounts by a intention of giving outlook on its consistency. Hence it covers cost auditing, management auditing, social auditing etc. It should be remembered that an auditor immediately expressed his view on the authenticity of the account.

Objective of auditing:

Auditors are mostly concerned with verifying whether the account exhibit fair and true view of the company. The objectives of auditing depend upon the intention of his appointment

Primary objective: The primary objective of an auditor is to respect to owners of his business expressing his estimation whether account exhibits the accurate and fair outlook of the state of affairs of business. It should be remembered, he reports to the shareholders who are owners of a company and not tot to the director.

Secondary objective: In the organize to statement the financial condition of the business assessor has to examine the books of accounts and the related documents. In that sequence he may approach across some errors with frauds. We may organize these frauds and error as below 1.Recognition and obstacle of the Frauds: 2. Recognition or obstacle of Errors: 3.Subsequent types of the errors can be detected in practice of the auditing.

Types of auditing:

1. Statutory Auditing: Any auditing carried on the per requirement of law it is called the statutory auditing.

2. Annual Auditing: It's a kind of auditing where the auditor verifies the account at the end of financial year. That is a common auditing and it is mostly used with small organization.

3. Interim auditing: It is an auditing conducted in the middle of accounting year before the accounts are closed. In additional expressions any auditing conducted between two financial auditing is known as interim auditing.

4. Partial Auditing: When an auditor is asked to the auditing only a part of account system. It is called partial auditing.

5. Balance sheet auditing: It is a kind of partial auditing and is concerned by the verification of only those items appearing in Balance Sheet.

6. Cost auditing: Cost auditing is defined as the verification of the cost accounting records. The data and techniques for its accuracy and authenticity.

7. Management auditing: Management auditing may be defined as the comprehensive examination of the organizational structure of the company, institution or its plans and objectives that means operations and use of human being and corporeal facilities.

8. Continuous auditing: A continuous auditing is the one in which a auditor visits his client's office at regular intervals during the year to verify the account.

Advantage of auditing:

1. Errors and frauds are the discovered and rectified quickly.

2. The chances of the fraud are reduced.

3. The employees will be careful in their work.

4. Continuous auditing acts as the valuable morale check on the staff.

5. Final auditing becomes easier and faster.

6. If the company wants to declare that interim dividend it's easier to prepare interim account.

7. It increases the efficiency and accuracy in accounts.


Govern the auditor's qualified the tasks, which should be complied by used for all auditing. Obedience with the vital principles requires the claim of auditing events and treatment is practices suitable to the particular situation, Auditing preparation should engage risk of the material misstatements allocated to the fraud and errors. Error refers to the unintentional misstatement in the financial statements and counting the oversight of the quantity of the  revelation.

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