The methodology of auditing the organization’s funds

This article discusses the basic principles of auditing, divided into two groups - these are ethical and professional standards and the basic rules of auditing. The article describes in more detail the main six elements that the audit methodology includes, such as - determining the scope of the audit, audit planning, evaluation of accounting and internal control systems, audit evidence, audit documentation, audit opinion. By fully disclosing them, we gain an understanding of how the audit controls the processes of monetary transactions and their transparency. As a result, we can say that the audit of funds should be subject to a clear sequence and should be documented.