What is Audit?

Question

What is Audit?

Accepted Answer

Audit is a systematic examination of records, documents, processes, and procedures to ensure compliance and identify areas for improvement.

Audit is a process of evaluating an organization's financial records, statements, and transactions to ensure accuracy and compliance with laws and regulations.
It involves reviewing and verifying documents, such as invoices, receipts, and bank statements, to ensure they are valid and properly recorded.
Audits can also be conducted to assess the effectiveness of internal controls and risk management systems.
They help identify areas of non-compliance, fraud, or inefficiency, and provide recommendations for improvement.
Examples of audits include financial audits, operational audits, compliance audits, and health and safety audits.

Accepted Answer

Audit is the verification of a process, a system or a prcedure

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