Discuss how auditing can or is used in your business, industry, or profession. Give a specific...

Question

Question

Discuss how auditing can or is used in your business, industry, or profession. Give a specific example.

Answer 1

Answer #1

Audit is a tool to independently analyse the business, its financials, its environment, its structure, its working, its future viability.

Audit can be used to help detect areas of consideration for a business, industry or profession. Audit helps us to improve our weaknesses.

Audit can be used to measure any risk, review any document or review the performance.

For Example, Audit of Expenditure can help in following:

1. Check whether expenses made are duly authorised

2. Check whether expenses made by a person within his/her limit

3. Check whether the expenses are related to business

4. Check that no personal expenses are treated as business expenses.

5. Expenses regarding which the payment is made is actually incurred

Answer 2

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