What is an audit?
An audit refers to an independent review of financial records and processes to ensure accuracy and compliance with standards.
Why are audits conducted?
Audits confirm that financial statements are reliable and free from material errors. They also ensure compliance with regulations.
What types of audits exist?
Common types include:
• Financial audits
• Internal audits
• Tax audits
Who performs an audit?
External audits are conducted by independent auditors. Internal audits are performed by in house teams.
Why is audit readiness important?
Accurate records and strong controls reduce audit risk and improve efficiency during the audit process.