What is Audit & Assurance?
Auditing is a highly complex process, and the importance of auditors as a vital link in the financial reporting chain has never been more important nor their role as trusted advisers more valued.
An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an “Audit Society”. The auditor perceives and recognises the propositions before them for examination, obtains evidence, evaluates the same and formulates an opinion on the basis of his judgement which is communicated through their audit report.
Any subject matter may be audited. Audits provide third party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other areas which are commonly audited include: secretarial & compliance audit, internal controls, quality management, project management, water management, and energy conservation.
As a result of an audit, stakeholders may effectively evaluate and improve the effectiveness of risk management, control, and the governance process over the subject matter.
The word audit is derived from a Latin word “audible” which means “to hear”.During the medieval times when manual book-keeping was prevalent, auditors in Britain used to hear the accounts read out for them and checked that the organisation’s personnel were not negligent or fraudulent.
Advancing the audit profession by raising the bar on audit quality
As the world transforms before our eyes, the assurance of a Deloitte Audit has never been more essential. Amidst increasing complexity, we deliver the discernment that supports smart, sure decision-making.
The public trust that we instill is not a static quantity — we look ahead to emerging conditions, continually innovating in both outlook and application to shape the standards that will give comfort to stakeholders in the future.
The people of Deloitte are relentless questioners, deeply skilled in diverse disciplines. In every engagement, we combine deep sector specialization with a breadth of subject matter skills and experience.
Working with Deloitte means engaging with smart, dynamic teams who build an intimate understanding of a business to deliver more valuable interactions and insights.
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