Editing Accounting (section)

===Auditing===
{{main article|Financial audit|Internal audit}}
Auditing is the verification of assertions made by others regarding a payoff,<ref name = "B 1979">Baiman, Stanley. 1979. "Discussion of Auditing: Incentives and Truthful Reporting." Journal of Accounting Research 17: 25–29.</ref> and in the context of accounting it is the "[[wiktionary:unbiased|unbiased]] examination and evaluation of the financial statements of an organization".<ref name = "I 2013">{{cite web |url=http://www.investopedia.com/terms/a/audit.asp |title=Audit Definition |year=2013 |website=Investopedia |publisher=Investopedia US |access-date=30 December 2013 |archive-date=26 July 2022 |archive-url=https://web.archive.org/web/20220726065345/https://www.investopedia.com/terms/a/audit.asp |url-status=live }}</ref> Audit is a professional service that is systematic and conventional.<ref>{{cite journal|last1=Tredinnick|first1=Luke|title=Artificial intelligence and professional roles|journal=Business Information Review|date=March 2017|volume=34|issue=1|pages=37–41|doi=10.1177/0266382117692621|s2cid=157743821|url=http://repository.londonmet.ac.uk/3812/3/OOTB-AI.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://repository.londonmet.ac.uk/3812/3/OOTB-AI.pdf |archive-date=2022-10-09 |url-status=live}}</ref>

An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally accepted accounting principles  (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally accepted accounting principles (GAAP) have not been consistently observed.<ref name = "SAS 1 Responsibilities">{{cite web |url=http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00110.pdf |title=Responsibilities and Functions of the Independent Auditor |date=November 1972 |website=AICPA |access-date=30 December 2013 |archive-date=23 April 2021 |archive-url=https://web.archive.org/web/20210423141039/https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00110.pdf |url-status=dead }}</ref>