The correct answer is D. All of the above.
Auditing is a process of reviewing and verifying financial statements and other records to ensure their accuracy and completeness. The main objective of auditing is to detect errors and fraud, but it also includes finding out the accuracy, completeness, and validity of accounts and documents.
Errors are unintentional mistakes that can occur in the recording of financial transactions. Fraud is intentional deception that is designed to gain an unfair advantage. Auditing can help to detect both errors and fraud by reviewing financial statements and other records for inconsistencies and anomalies.
In addition to detecting errors and fraud, auditing can also help to improve the accuracy, completeness, and validity of accounts and documents. This is because auditing can identify areas where there is a risk of errors or fraud, and can recommend steps to be taken to mitigate those risks.
Overall, auditing is a valuable tool for ensuring the accuracy and completeness of financial statements and other records. It can help to detect errors and fraud, and can also help to improve the accuracy, completeness, and validity of accounts and documents.
Here is a brief explanation of each option:
- Option A: To detect errors and fraud. Auditing can help to detect errors and fraud by reviewing financial statements and other records for inconsistencies and anomalies.
- Option B: To prevent errors and fraud. Auditing can help to prevent errors and fraud by identifying areas where there is a risk of errors or fraud, and by recommending steps to be taken to mitigate those risks.
- Option C: To find out accuracy completeness and validity of accounts and documents. Auditing can help to find out the accuracy, completeness, and validity of accounts and documents by reviewing financial statements and other records.