Definition and examples An audit is a formal examination, inspection, and verification of a commercial enterprise’s, organization’s, or any entity’s accounts
Audits are usually carried out by an independent party
We call somebody who carries out an audit an auditor
An external audit is an audit of your financial statements made by an independent, third-party professional
These types of audits can be extremely helpful as they’re more unbiased and reliable than internal audits
The purpose of a management audit relates to management interests, such as assessment of area performance or efficiency
An audit may also be classified as internal or external, depending on the interrelationships among participants
Internal audits are performed by employees of your organization
Voting system
Voting system
