UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Basics of Auditing - 1
Basics of Auditing - 1 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Basics of Auditing - 1 Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the key objectives of auditing? |  |
Ans. The key objectives of auditing include ensuring the accuracy and reliability of financial information, compliance with laws and regulations, safeguarding assets, and assessing operational efficiency.
| 2. What are the different types of audits commonly conducted? | |
Ans. The different types of audits commonly conducted are financial audits, operational audits, compliance audits, and forensic audits.
| 3. What is the importance of auditing in the public sector? | |
Ans. Auditing in the public sector is important for ensuring accountability, transparency, and proper utilization of public funds by government agencies and departments.
| 4. How does auditing help in fraud detection and prevention? | |
Ans. Auditing involves thorough examination and verification of financial records and transactions, which helps in identifying any discrepancies or irregularities that may indicate fraud. It also helps in implementing internal controls to prevent fraud in the future.
| 5. What is the role of auditors in providing assurance to stakeholders? | |
Ans. Auditors play a crucial role in providing independent assurance to stakeholders by examining financial statements and reporting on the fairness and accuracy of the information presented. This helps stakeholders make informed decisions based on reliable financial information.
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Nov 16, 2024 Last updated |
Video Description: Basics of Auditing - 1 for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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