How an audit is conducted can differ depending on the size of the corporation and the complexity of the case
However, an audit usually has four main stages: The first stage is the planning stage
In this stage, a corporation engages with the auditing firm to establish details, such as the level of engagement, procedures, and objectives
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
An audit refers to an examination of the financial statements of a company
Audits are conducted to provide investors and other stakeholders with confidence that a company’s financial reports are accurate
Audits also provide regulators with the assurance that a company is adhering to the appropriate legal and regulatory standards
