What is audit

noun an official inspection of an organization's accounts, typically by an independent body."audits can't be expected to detect every fraud"
verb

1. conduct an official financial inspection of (a company or its accounts)."unlimited companies must also have their accounts audited"synonymes : inspect, examine, survey, look over, go over, go through, scrutinize, probe, vet, investigate, look into, inquire into, check, check into, assess, appraise, evaluate, review, analyse, study, pore over, peruse, sift, dissect, go over with a fine-tooth comb, delve into, dig into, check out, give something a/the once-over, give something a going-over
2. attend (a class) informally, without working for credit."he made use of the knowledge gleaned from economics classes he audited"

What audit means?

Definition: 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 are 3 types of audits?

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor's opinion which is included in the audit report.

What is audit and purpose?

The purpose of an audit is the expression of an opinion as to whether the financial statements are fairly presented in conformity with appropriate accounting principles.

What is audit and its types?

Auditing is the process of reviewing and confirming your financial reports. Audits verify that you've created accurate and reliable financial reports and that no fraudulent activities are happening within the business. There are three main types of audits: internal, external, and government or IRS audits.