What is audit? What do you know about internal audit?

Question

Accepted Answer

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

Audit is a process of evaluating and verifying financial information to ensure accuracy and compliance with regulations.
Internal audit is conducted by an organization's own employees to assess and improve the effectiveness of risk management, control, and governance processes.
Internal auditors provide independent and objective evaluations of the organization's operations, financial reporting, and compliance with laws and regulations.
Internal audit helps identify areas for improvement and ensures that internal controls are in place to mitigate risks.
Examples of internal audit activities include reviewing financial statements, assessing internal controls, and investigating fraud or misconduct.

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