Auditing
Auditors verify the work accountants do. They examine the financial statements prepared by accountants and ensure they represent the company’s financial position accurately. Auditors verify that these financial statements, particularly the ones of public companies that are required to be released annually, are assembled in accordance with generally accepted accounting principles (GAAP).

Scope of Work:
1.Substantial risk assessment: auditors build up a detailed understanding of the business so that they can highlight and assess the key areas in the financial statements most at risk of material misstatement;
2.Evidence-gathering: focusing their efforts on the identified higher-risk areas – eg, revenue, debtors, inventory and the valuation of assets and liabilities – auditors look for material misstatements, regardless of how they are caused;
3.Reporting: auditors report their opinion to the shareholders.