Description

The introduction provides the foundation for understanding auditing and explains how audits are performed using International Standards on Auditing (ISAs). The book takes a practical, real-world approach to auditing.

1. What is auditing?
Auditing is an independent examination of financial information to provide users with confidence that the financial statements are prepared appropriately and are free from material misstatement.

2. Why is auditing necessary?
There can be a difference between the people who prepare financial information and the people who use it. An independent auditor helps reduce this information gap and increases confidence in financial statements.