Audit trail

The audit trail is the range of documents and other evidence which records all the activities and transactions of a business. Such a historic record allows the firm to piece together the chronology of a transaction. It is also required for compliance purposes. The audit trail is of particular importance to the auditor who is required to obtain evidence that transactions are correctly recorded and reported by a business.

 

reference: Business Studies / Accounting. Accounts & Finance Glossary. Jim Riley BA(Hons) MBA FCA // tutor2u

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