What is an 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 is an audit simple definition?

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 is the purpose of an audit?

The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date, for example: Are details of what is owned and what the organisation owes properly recorded in the balance sheet?

What are the 3 main types of audits?

There are three main types of audits: internal, external, and government or IRS audits. Internal audits are made by qualified auditors within the business, external audits are conducted by external third parties, whereas government audits are tax reviews by the IRS.