Auditing is not inherently a luxury; rather, it is a critical process for ensuring compliance, accuracy, and accountability in financial reporting and operations. While some businesses may view it as an optional expense, for others—particularly in regulated industries or those seeking investment—auditing is an essential function that helps build trust with stakeholders. In this sense, it serves as a valuable investment rather than a luxury.
I think what you're saying is that accounting is necessary to keep the company's books and records straight ... but auditing is a luxury as it is just validation of the accounting (as well as some other checks around fraud, internal controls, etc.)
accountancy is necessity and it helps us to know the present position of a business.small firms is no need of auditing.on the other hand large firms have a necessity of auditing about it helps to know the real position of the business.there are some large business whose transaction are in large amount can bear the cost of auditing.above the discussion its true that auditing makes the waste of time for small business but auditing is essential to described the duties and responsibility of an auditor.
It is necessary for company to maintain books of accounts and that's why accountancy is a must activity but it is not mandary to conduct audit of financial statement for private companies and only necessary for public companies.
auditing is a review process,usually of accounting procedures
Auditing begins where Accountancy ends.
I think what you're saying is that accounting is necessary to keep the company's books and records straight ... but auditing is a luxury as it is just validation of the accounting (as well as some other checks around fraud, internal controls, etc.)
accountancy is necessity and it helps us to know the present position of a business.small firms is no need of auditing.on the other hand large firms have a necessity of auditing about it helps to know the real position of the business.there are some large business whose transaction are in large amount can bear the cost of auditing.above the discussion its true that auditing makes the waste of time for small business but auditing is essential to described the duties and responsibility of an auditor.
J. Donald Warren has written: 'Handbook of Accounting and Auditing' 'Continuous auditing' -- subject(s): Auditing, Internal, Internal Auditing
It is necessary for company to maintain books of accounts and that's why accountancy is a must activity but it is not mandary to conduct audit of financial statement for private companies and only necessary for public companies.
Vivian R. V. Cooper has written: 'Manual of auditing' -- subject(s): Auditing 'Student's manual of auditing' -- subject(s): Auditing
What is Auditing practices and methodology of firms?"
auditing is a review process,usually of accounting procedures
Auditing begins where Accountancy ends.
enable login auditing
Central Auditing Organization was created in 1942.
The Auditing Standards Board (ASB) of the AICPA issued ten new auditing standards in 1988.
Auditing is the examination and evaluation of financial statements to check financial accuracy.