Final answer:
Auditing is the branch of accounting focusing on reviewing and evaluating documents, records, and controls to ensure accuracy and regulatory compliance. It is distinct from financial accounting, cost accounting, and managerial accounting, which have different objectives.
Step-by-step explanation:
The branch of accounting that involves reviewing and evaluating documents, records, and control systems is called auditing. Auditing is a systematic process where an independent body examines the financial records and statements of an entity to ensure accuracy and compliance with accounting standards and regulations. Financial accounting, cost accounting, and managerial accounting are different branches of accounting, each with different focuses.
Financial accounting deals with the summary, analysis, and reporting of financial transactions pertaining to a business. Cost accounting focuses on capturing a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs. Managerial accounting uses accounting information in helping managers within an organization to make informed business decisions.