Current Audit Procedure Auditing is an objective examination and evaluation of a company's internal controls and effectiveness. Maintaining this is vital to make sure that the records are a fair and accurate representation of the transactions they claim to represent. This will help companies achieve its business objectives, obtain reliable financial reporting on its operations, prevent fraud and misappropriation, and minimising its cost of capital. Auditors generally use confirmations as the substantive procedure during an audit. This process involves obtaining and evaluating a direct communication from a third party in response to a request for information about a particular item affecting financial statement assertions.