What is audit

Question

What is audit

Accepted Answer

Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.

Audit is conducted to ensure the accuracy and reliability of financial information.
It involves examining financial statements, records, and transactions to identify errors, fraud, and non-compliance with laws and regulations.
Auditors provide an opinion on the fairness and accuracy of financial statements.
There are different types of audits, such as internal audit, external audit, and forensic audit.
Examples of organizations that require audits include public companies, government agencies, and non-profit organizations.

Accepted Answer

Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation.

What is audit

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