An audit is an official check of an organization’s accounts by an independent body to ensure departments are following a documented system for recording transactions.

Importance of Audit
  • It helps in the detection and prevention of errors and fraud.
  • Helps in maintaining the records and verification of books of the books of accounts.
  • Provides credibility to a set of financial statements.
  • It helps to examine the reliability and validity of financial statements.
Types of Auditing

There are many types of auditing, some of which are given below:

  • Internal Audit
  • External Audit
  • IRS tax Audit
  • Financial Audit
  • Operational Audit
  • Payroll Audit
  • Government Audit
  • Management Audit
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