Auditing is considered as the essential tool of accounting. Auditing is an accounting process more often used in business. The ultimate goal of financial auditing is to present accurate accounting information of a company. Auditing helps to know the financial business transactions of the existing organization. A person who conducts audit is known as auditor. The purpose of auditing is to help the stakeholders, partners and government to know the important facts and figures of the company. One of the main reasons of auditing is to ensure that the company is not practicing any deception. The financial auditing process usually takes places once a year, most commonly at the end of the financial year. Auditing is usually a thorough timely process, but in some rare cases, failures may occur. |