1.Assurance to the Owners/Investors : The owners of the business will be assured about the accuracy of their books of accounts.
2.Errors and Frauds : Auditing helps us minimize the risks of errors and frauds in our books of accounts.
3.Independent Viewpoint : The business can get a second opinion on their financial statements and their financial standing.
4.Moral Check : One of the other advantages of auditing is that the staff and the workers of the company do not try to steal or defraud the company.
5.Stakeholders Confidence : After auditing by an independent authority, the financial statements have more credibility.
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