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Auditing
Accounting involves tracking, reporting, and analyzing financial transactions. It covers everything
from preparing individual tax returns to preparing financial statements for multinational corporations,
and is considered a fundamental discipline within the field of accounting.
An audit is an independent examination of accounting and financial records and financial statements
to determine if they conform to the law and to generally accepted accounting principles (GAAP). In
the U.S., the Financial Accounting Standards Board (FASB) and the Governmental Accounting
Standards Board (GASB) set and maintain these principals.
Types of Audits
Financial audits determine if an organization's financial statements fairly represent the results of an
organizations financial operations and the organization's financial position while conforming to
generally accepted accounting principles.
Compliance audits determine if the organization has followed the laws and regulations that may
materially affect the financial statements. Financial and compliance audits are often combined.
Economy and efficiency audits determine if an organization is economically and efficiently
managing and using resources, such as personnel, space, and property; the causes of any problems
in this area; and if the organization has followed laws and regulations relating to this area.
A program results audit looks at a specific program to determine if the desired results or benefits
are being achieved and if the desired results can be achieved at a lower cost.
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