GK
PUBLIC ADMINISTRATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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U.S. Constitution
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Consensus
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Audit
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Constituents
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Detailed explanation-1: -Definition: 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.
Detailed explanation-2: -In a financial statement audit, the auditor obtains reasonable assurance about whether the financial statements are free of material misstatement.
Detailed explanation-3: -An official inspection of an individual’s or organization’s accounts, typically by an independent body. Auditing ensures that all financial statements accurately portray a firm’s financial position. Audits allow managers to analyze their operation’s efficiency.