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Auditors inspecting a sample of accounts payable balances from the ledger and verifying that they are true payables owed by the client gather evidence in support of the existence assertion.
Auditing is one of the most important activities in the corporate world. Financial auditing is the activity that revises the correct procedures in accordance with the financial policies of the company and the financial laws and regulations. Through auditing, you can detect accounting and financial wrongdoings, prevent other, or correct them on time, before penalizations can occur.