Auditing involves the review, analysis and evaluation of processes, products, services, systems,
organizations and employees.
Audit includes procedure of reviewing and assessing financial statements, based on which professional opinion is given on reality
and objectivity of balances of assets, capital, liabilities and operating results. Specifically, audit of financial statement includes reviewing
documents, reports and other information, for the purposes of acquiring sufficient, adequate and reliable evidence for stating opinion as to whether
financial statements of the audited entity truthfully and objectively reflect its financial condition, operating results and cash flows, and whether
they are in compliance with accepted accounting principles and standards.