[ FREE ] 17+ Audit Books PDF

List of Audit Books PDF: An audit refers to the financial statement of an organization that is presented in the annual report by a person who is independent of that organization. The report includes a balance sheet, a cash flow statement, an income statement, a statement of changes in equity, and notes which comprise a summary of significant accounting policies and other explanatory notes. The word Audit is obtained from a Latin word “Audire” meaning ‘to hear’. It is the verification of financial position as disclosed by the financial statements. It is an examination of accounts to ascertain whether the financial statements give a fair and true view of the financial position and profit or loss of the business.

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Auditing is the intelligent and critical test of the adequacy, accuracy, and dependability of accounting data and accounting statements.

The main objective of the audit is to form a view on whether the information presented in the financial report, reflects the financial position of the organization at a given date, taken as a whole, example: Are details of what is owned by the organization and what they own properly recorded in the balance sheet? are the loses and profits assessed, etc.

In this section of business and management books, we have an amazing collection of audit books like Financial Audit Books PDF, Internal and External Audit Books, and Management Audit Books PDF.

The main objective of the audit is to find the reliability of financial position, loss, and profit statements. The objective is to ensure that the accounts reveal a true and fair view of the business and the transactions of the business and the objective is to verify and establish that at a given date balance sheet presents a true/fair view of the financial position of the business.

The profit and loss account gives the true and fair view of profit or loss for the accounting period which is to be established that accounting statements satisfy a certain degree of reliability.

On the other hand, the subsidiary objectives of the auditing are:

Falsification, manipulation, or alteration of records or documents
Misapplication of accounting policies
The misappropriation of assets.
Suppression of effect of transactions from documents and records.
Recording of transactions without substance.

Almost all companies receive a yearly audit of their financial statements, which includes a balance sheet, income statement, and cash flow statement.

Some companies audits are a legal requirement due to their compelling incentives to intentionally misstate financial information in an attempt to commit fraud. The Sarbanes-Oxley Act (SOX) of 2002, says that publicly traded companies must also receive an evaluation of the effectiveness of their internal controls.

Auditing is important because:

Audited accounts help the sole trader to know the value of their business for the purpose of sale.
A dispute can be avoided over the accuracy of profits.
Shareholders, who do not know about the everyday administration of the company, can judge the performance of management from audited accounts.
Helps management in detecting and preventing errors/frauds.
Auditors give advice to the management on financial affairs.

All in all, in order to know more about the value of “Audit” in the business sector, You can download and read our selected audit books pdf provided on this page.