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the planning and control process?


Main articles: Financial audit and Internal audit

Auditing is the verification of assertions made by others regarding a payoff,[35] and in the context of accounting it is the “unbiased examination and evaluation of the financial statements of an organization”.[36] Audit is a professional service that is systematic and conventional.[37]

An audit of financial statements aims to express or disclaim an opinion on the financial statements. The auditor expresses an 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 acceptable accounting principle (GAAP) and “in all material respects”. An auditor is also required to identify circumstances in which the generally acceptable accounting principles (GAAP) has not been consistently observed.[38]

Accounting information systems[edit]

Main article: Accounting information system

An accounting information system is a part of an organization’s information system that focuses on processing accounting data.[39] Many corporations use artificial intelligence-based information systems. Banking and finance industry is using AI as fraud detection. Retail industry is using AI for customer services. AI is also used in cybersecurity industry. It involves computer hardware and software systems and using statistics and modeling.[40]

Tax accounting