• Answer:-

    Auditability refers to the ability to systematically and independently examine and evaluate the accuracy, completeness, and compliance of financial records or other quantifiable information. It involves assessing the effectiveness of internal controls, accounting systems, and procedures to ensure that they adhere to established standards, laws, and regulations. Auditability is crucial for maintaining transparency, trust, and accountability in organizations, as it allows auditors to verify the integrity of reported data, identify any irregularities or fraudulent activities, and provide recommendations for improvements. This concept is fundamental in financial reporting, governance, and risk management practices.

Jan 18 2024

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