What is audit

Question

What is audit

Accepted Answer

Audit is a systematic examination of financial records, statements, and processes to ensure accuracy and compliance.

Audit is a process of reviewing and evaluating financial information to ensure its accuracy and reliability.
It involves examining financial records, statements, and transactions to identify errors, fraud, and non-compliance with regulations.
Auditors assess internal controls and procedures to ensure they are effective in safeguarding assets and preventing misstatements.
They provide independent and objective opinions on the fairness and reliability of financial statements.
Audit can be conducted by internal auditors within an organization or by external auditors who are independent of the entity being audited.
Examples of audits include financial statement audits, internal audits, compliance audits, and operational audits.

Accepted Answer

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