Audit

An audit is an independent examination of financial information, processes, or systems to ensure accuracy, compliance, and integrity. Audits can be conducted on financial statements, operational efficiency, or regulatory compliance and can be performed by internal auditors within an organization or external auditors from independent firms.

The primary purpose of an audit is to provide assurance to stakeholders, such as investors and regulators, that the financial statements are free from material misstatement. Auditors assess risks, gather evidence, and evaluate controls to form their opinions. The audit process typically involves planning, fieldwork, and reporting, culminating in an audit report that summarizes findings and recommendations. Regular audits help organizations maintain transparency, identify areas for improvement, and uphold stakeholder trust.