What is Auditing?

Question

Please give me complete details and Also include the Types of Accounting.
Thank you.

Answer 1

Auditing is a form of attestation and may be defined as a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. "Assertions," as used in the definition of auditing, are the representations of management as to the fairness of the financial statements.

Types of Accounting
-Financial accounting refers to accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording,
classifying, and summarizing transactions. Financial reports prepared under the generally accepted accounting principles (GAAP) promulgated by standard setting bodies are intended to be general purpose in orientation. This means they are not prepared especially for owners, or creditors, or any other particular user group. Instead, they are intended to be equally useful for all user groups. As such, attempts are made to keep them free from bias (neutral).

-Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs. Measurement of Cost involves the methods and techniques used in defining the components of cost (materials, labour & overhead), determining the basis of cost measurement, and establishing criteria for use of alternative cost measurement techniques.

-Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for the purpose of enhancing controls. Managerial accounting information is intended to serve the specific needs of management. Business managers are charged with business planning, controlling, and decision making. As such, they may desire specialized reports, budgets, product costing data, and other details that are generally not reported on an external basis.

Answer 2

Auditing is defined as a systematic process of objectively obtaining and evaluating evidence regarding assertion about economic action and events to ascertain the degree of correspondence between those assertions and established criteria and communication the results to the fairness of the financial statements.

Answer 3

To auditing is to examine, verify, or correct financial accounts.

There are four or five basic types of accounting:
Cost accounting
Tax accounting
Financial accounting
Management accounting
Taste accounting

Some argue that only the first four exist, claiming "there's no accounting for taste".

Answer 4

Systematic examination and verification of a firm's books of account, transaction records, other relevant documents, and physical inspection of inventory by qualified accountants (called auditors)

Answer 5

Auditing is when the IRS goes through your taxes to make sure you paid everything.