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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