Audit means an official inspection of an organization’s accounts, typically by an independent body to make sure that all departments are following documented system of recording transactions.

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

There are so many types of audits, some of them are given below:

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