Auditing
Independent review of financial records to ensure accuracy and compliance.
Detailed Description
Auditing
What is the primary purpose of auditing?
The primary purpose of auditing is to provide stakeholders with an independent assessment of an organization's financial health and compliance status.
What are some types of audits?
Types of audits include financial audits, operational audits, compliance audits, information systems audits, and forensic audits.
What standards govern auditing practices?
In the U.S., the Generally Accepted Auditing Standards (GAAS) govern auditing, while internationally, the International Standards on Auditing (ISA) serve a similar purpose.
What are auditors' main responsibilities?
Auditors are responsible for planning the audit, obtaining evidence, assessing risks, forming opinions on financial statements, and communicating results to stakeholders.
How does auditing impact the real estate sector?
Auditing ensures transparency and accountability in real estate, helping companies maintain accurate records, assess property valuations, and comply with regulations.