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1 Definition Nature of Auditing BASIC CONCEPTS “An audit is the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon”. The principal aspect to be covered in an audit concerning final statements of account are the following: (i) An examination of the system of accounting and internal control to ascertain whether it is appropriate for the business and helps in