What is audit and objectives?

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Accepted Answer

Audit is a systematic examination of financial records, statements, and transactions to ensure accuracy and compliance with laws and regulations.

Audit is conducted to provide assurance to stakeholders that financial statements are accurate and reliable.
The objectives of an audit include evaluating internal controls, detecting fraud, and ensuring compliance with laws and regulations.
Auditors use various techniques such as sampling, testing, and analytical procedures to gather evidence and form an opinion on the financial statements.
Examples of audits include financial statement audits, internal audits, and compliance audits.
The ultimate goal of an audit is to provide reasonable assurance that the financial statements are free from material misstatement.

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