Eli5: What exactly is auditing in accounting?

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I keep hearing this term from my accountant friend and have absolutely no idea what it means. I tried googling it but that just left me even more confused than I was.

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Anonymous 0 Comments

In business (and in life), a fundamental problem is determining whether you can trust that a person and what they say is the truth.

An audit is an additional voice attesting to the truth, on the simple notion that the odds of two untrustworthy folks is lower than odds of just one person, particularly in the case where an auditor’s reason for being and reputation is trustworthiness.

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